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Informist, Saturday, Aug 17, 2024

NEW DELHI – Prime Minister Narendra Modi today proposed to form a comprehensive 'Global Development Compact' to assist countries in the Global South on behalf of India. "The foundation of this Compact will be based on India's development journey and experiences of development partnership. This Compact will be inspired by the development priorities set by the countries of the Global South themselves," Modi said in his closing remarks at the inaugural leaders' session of the Voice of Global South Summit 3.0 held virtually. 

The prime minister said that the compact will be human-centric, multi-dimensional for development and will promote a multi-sectoral approach. Modi added that it will not burden needy countries with debt in the name of development finance, and will help in the balanced and sustainable development of partner countries. Under the 'Global Development Compact', India will focus on trade for development, capacity building for sustainable growth, technology sharing, project specific concessional finance, and grants, he said.

He also announced that India will launch a special fund of $2.5 mln, to strengthen trade promotion activities. An amount of $1 mln will be provided for training in trade policy and trade negotiation for capacity building. 

The prime minister highlighted that India is cooperating in the Sustainable Development Goals or SDG stimulus leaders group for financial stress and development funding in the countries of the Global South. The SDG stimulus leaders group is convened by the United Nations secretary-general to advocate at the highest level for equipping developing countries with the financial resources they require to invest in meeting the sustainable development goals. 

"We will work to make affordable and effective generic medicines available to the Global South. We will also cooperate in training drug regulators. We will be happy to share our experience and technology of ‘natural farming’ in the agricultural sector," Modi further said. 

In June, while participating in the outreach session of the Group of Seven, or G7, Summit, Modi had called on world leaders to give priority to the concerns of the Global South.   End

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Reported by Pratiksha

Edited by Tanima Banerjee

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