Prime Minister Modi Proposes 'Global Development Compact' for the Global South

Prime Minister Narendra Modi proposed a human-centric 'Global Development Compact' for the Global South, focusing on trade, technology sharing, and debt-free development finance. He emphasized the need for united action on food and energy security, terrorism, and inclusivity in global governance, drawing from India's own growth story and priorities.

Prime Minister Narendra Modi has proposed the creation of a human-centric 'Global Development Compact' tailored for the Global South, aimed at facilitating trade, technology sharing, and concessional financing. This initiative is inspired by India's own developmental journey and aligned with the priorities of developing nations.

Announced during the third India-hosted Virtual Voice of the Global South Summit, the 'Global Development Compact' seeks to ensure that necessary developmental finance does not burden needy countries with debt, counteracting concerns about nations falling into debt traps, such as under China's Belt and Road Initiative (BRI).

Modi called for united action among Global South nations to address food and energy security crises and challenges posed by terrorism and extremism. He also stressed the importance of inclusive global governance, the reduction of disparities between the Global North and South, and capacity-building for sustainable growth.