Modi Proposes Global Development Compact at Global South Summit

 New Delhi: In a major move highlighting India's growing political stature and economic muscle, Prime Minister Narendra Modi suggested to developing nations to evolve a comprehensive global development compact that will be "based on India's development journey and experiences of development partnership that will be human-centric, multi-dimensional and promote a multi-sectoral approach to development."

Speaking at the inaugural leaders' session at the third edition of the Voice of Global South Summit, hosted online by India, Modi said that under this development compact, “we will focus on trade for development, capacity building for sustainable growth, technology sharing, project specific concessional finance and grants."

He said the compact would be inspired by the development priorities set by the countries of the Global South themselves. The conference was attended by leaders of 123 countries, according to external affairs minister Dr S. Jaishankar.

In a veiled jibe at China, he said the proposal would "not put the needy countries under the burden of debt in the name of development finance" and that it would "contribute in balanced and sustainable development of the partner countries".

He added, "To boost trade promotion activities, India will launch a special fund of US$2.5 million. Training will be provided in trade policy and trade negotiation for capacity building. A fund of one million dollars will be provided for this."

The Prime Minister said that India would "work to make affordable and effective generic medicines available to the Global South" and would " provide support to the training of drug regulators".

Modi called for the need for global institutions that give preference to the Global South for a "just and inclusive" global governance, even as he called on developed nations to fulfil their commitments to "bridge the gap" between the Global North (developed and affluent nations and South (developing countries). Modi also raised the menace posed by terrorism, extremism and separatism facing societies and called for developing nations to support each other.

On the digital public infrastructure (DPI), Modi said, "We are happy that agreements to share the 'India Stack' have been done with 12 partners from the Global South. We have created the Social Impact Fund to accelerate DPI in the Global South. India will make an initial contribution of US$25 million to it."

He said, "India is contributing to the SDG Stimulus leaders group for financial stress and development funding in countries of the Global South. We will be happy to share our experiences and technology in 'natural farming' in the agriculture sector."

On global conflicts and the road ahead, PM Modi told the participating leaders, You have also raised concerns about tensions and conflicts. This is a serious issue for all of us. Solutions to these concerns depend on just and inclusive global governance, such institutions whose priorities give preference to the Global South, where developed countries also fulfill their responsibilities and commitments, take steps to reduce the gap between the Global North and the Global South. The Summit of the Future at the UN next month could be an important milestone for all of this."

External affairs minister (EAM) Dr S. Jaishankar said later at a special briefing in the evening that 123 nations had participated in the virtual summit whose theme was "Empowered Global South for a Sustainable Future". He confirmed that both China and Pakistan had not been invited by India.

He said 21 heads of state or government had participated, as also 34 foreign ministers and 118 other ministers.

The EAM said countries of the Global South had exchanged notes during Saturday's summit ahead of the forthcoming ‘Summit of the Future’ to be held at the UN in New York. Apart from the leaders' session, there were two foreign ministers' sessions and 10 other ministerial sessions including in the fields of health, finance, trade, IT, education and environment.

Issues that were raised by various nations included food, health and energy security, climate concerns, the situation in Gaza amid mounting civilian casualties, artificial intelligence, cyber security, climate concerns, multi-polarity, UN reform and a rules-based order besides the issue of foreign interference in the internal affairs of nations.