PM Modi proposes Global Development Compact to propel Global South

New Delhi, Aug 17 (IANS) Prime Minister Narendra Modi on Saturday proposed a comprehensive ‘Global Development Compact’ on behalf of India to the countries of the Global South. 

“The foundation of this Compact will be based on the experiences of India's development journey and development partnerships. This Global Compact will be driven by the development priorities set by the countries of the South themselves,” PM Modi said in his closing remarks at the Inaugural Leaders’ Session of the Voice of Global South Summit 3.0.

“It will be human-centric, multi-dimensional and promote a multi-sectoral approach to development. It will not burden needy countries with debt in the name of development finance. This will contribute to the balanced and sustainable development of partner countries,” the Prime Minister said.

He further clarified that the ‘development compact’ will focus on trade for development, capacity building for sustainable growth, technology sharing, project-specific concessional finance and grants.

“To boost trade promotion activities, India will launch a special fund of $2.5 million. Training in trade policy and trade negotiation will be provided for capacity building. A fund of one million dollars will be provided for this,” PM Modi said.

He said that India is contributing to the SDG Stimulus Leaders group for financial stress and development funding in the countries of the Global South and will also work to provide affordable and effective generic medicines to the Global South.

“We will also cooperate in the training of drug regulators. We will be happy to share our experiences and technology of natural farming in the agriculture sector,” he added.

He also said that global tensions and conflicts which were highlighted at the conference were a serious matter and addressing these concerns depends on just and inclusive global governance. Such institutions must give priority to the Global South while developed countries also fulfil their responsibilities and commitments.

“There is also a need to take action to reduce the gap between the Global North and South and the Summit of the Future at the UN to be held next month could become an important milestone for all this,” PM Modi added.