PM Modi Proposes ‘Global Development Compact’ At Voice Of Global South Summit

Prime Minister Narendra Modi proposed a new initiative, the ‘Global Development Compact,’ to the countries of the Global South on Saturday. Speaking at the Inaugural Leaders’ Session of the Voice of Global South Summit 3.0, Modi outlined the Compact’s foundation, which he said would be based on India’s development experiences and partnerships.

“The foundation of this Compact will draw from India’s own development journey and partnerships,” Modi explained in his closing remarks. “It will be driven by the development priorities set by the countries of the South themselves, ensuring that it is human-centric, multi-dimensional, and promotes a multi-sectoral approach to development.”

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Modi emphasized that the Compact would not impose debt on developing nations under the guise of development finance. Instead, it aims to support balanced and sustainable development in partner countries. Key components of the Compact will include trade for development, capacity building for sustainable growth, technology sharing, and project-specific concessional finance and grants.

To bolster trade promotion, India will introduce a special fund of $2.5 million. Additionally, the Prime Minister announced a $1 million fund dedicated to training in trade policy and negotiations.

SDG Stimulus Leaders

India will also contribute to the SDG Stimulus Leaders group to address financial stress and development funding issues within the Global South. Modi highlighted India’s commitment to providing affordable generic medicines and cooperating in training drug regulators. He also offered to share India’s expertise in natural farming with the Global South.

Addressing global tensions and conflicts discussed at the summit, Modi stressed the importance of just and inclusive global governance. He called for global institutions to prioritize the needs of the Global South and for developed countries to honor their responsibilities and commitments.

“There is also a pressing need to bridge the gap between the Global North and South,” Modi said. “The upcoming Summit of the Future at the UN next month could be a crucial milestone in this effort.”

However, the proposed Global Development Compact seeks to create a collaborative framework to support the development goals of countries in the Global South, fostering a more equitable global development landscape.