Prime Minister Modi Proposes 'Global Development Compact' at Voice of the Global South Summit

Prime Minister Narendra Modi proposed a 'Global Development Compact' focused on human-centric development for the Global South during the Voice of the Global South Summit. With 123 countries participating, the initiative aims to facilitate trade, technology sharing, and concessional financing, with an emphasis on avoiding debt traps and promoting sustainable growth.

Prime Minister Narendra Modi on Saturday proposed the creation of a human-centric 'Global Development Compact' for the Global South to facilitate trade, technology sharing, and concessional financing based on India's growth journey. This announcement comes amid concerns over many countries falling into the Chinese 'debt trap'.

Unveiling the new initiative at the third India-hosted virtual Voice of the Global South Summit, Modi emphasized that the needy countries will not be burdened with debt in the name of development finance. He urged the Global South to work unitedly in confronting food and energy security crises, and the challenge of terrorism and extremism.

The summit, joined by 123 countries including heads of state and 34 foreign ministers, highlighted the importance of a multi-sectoral approach to sustainable development. India plans to start a special fund of 2.5 million dollars for trade policy and negotiations, and contribute 25 million dollars to a 'Social Impact Fund' aimed at developing Digital Public Infrastructure (DPI) in the Global South.

(With inputs from agencies.)