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NEW DELHI — Prime Minister Narendra Modi on Saturday proposed a comprehensive and human-centric "Global Development Compact" for the Global South and said it will focus on trade, sustainable growth, technology sharing and concessional financing of projects under an overall framework of the India growth story.
The needy countries will not be burdened with debt in the name of development finance, Modi said, announcing the new initiative at the India-hosted third virtual Voice of the Global South Summit.
Modi said the "Global Development Compact" will be inspired by the development priorities set by the countries of the Global South.
Delivering my closing remarks at the Voice of Global South Summit. https://t.co/fe3SNFlBrL
— Narendra Modi (@narendramodi) August 17, 2024
"I would like to propose a comprehensive Global Development Compact on behalf of India. The foundation of this compact will be based on India's development journey and experiences of development partnerships," he said at the closing session of the summit.
"It will be human-centric and multi-dimensional for development and will promote multi-sectoral approach. It will not burden the needy countries with debt in the name of development finance," Modi said.
The prime minister said the compact will help in a balanced and sustainable development of the partner countries.
"Under this compact, we will focus on trade for development, capacity building for sustainable growth, technology sharing, project-specific concessional finance and grants.
"To strengthen trade-promotion activities, India will start a special fund of USD 2.5 million. Training will be provided in trade policy and trade negotiation for capacity building," he said.
The prime minister also said the solution to various conflicts and tensions around the world lies in inclusive global governance.
"You have also raised concerns related to tensions and conflicts. This is a serious issue for all of us. The solution to these concerns depends on just and inclusive global governance," he said.
"Steps should be taken to reduce the gap between the Global North and the Global South. The Summit of the Future to be held in the UN next month can become an important milestone for all this," Modi said.
He also highlighted the importance of achieving the Sustainable Development Goals (SDGs).
"India is cooperating in the SDG Stimulus Leaders Group for financial stress and development funding in the countries of the Global South. We will work to make affordable and effective generic medicines available to the Global South," Modi said.
"We will also assist in training drug regulators. We will be happy to share our experience and technology of natural farming in the agricultural sector," he added.
In the last few years, India has been positioning itself as a leading voice, flagging concerns, challenges and aspirations of the Global South or the developing nations, especially the African continent.
As the G20 president last year, India focused on issues like inclusive growth, digital innovation, climate resilience and equitable global health access with an aim to benefit the Global South.