Prime Minister Narendra Modi has proposed the creation of a human-centric “Global Development Compact” for the Global South to facilitate trade, sharing of technologies and concessional financing based on Bharat’s growth journey, in a move that came amid concerns over many countries falling into the Chinese ‘debt trap’.
The virtual summit, themed “An Empowered Global South for a Sustainable Future,” aims to provide a platform for countries from the Global South to deliberate on common priorities and solutions. The summit was joined by 123 countries including heads of state and Governments of 21 nations. A total of 34 Foreign Ministers attended the deliberations while 118 other Ministers also joined other ministerial sessions, according to External Affairs Minister S Jaishankar. Notably, China and Pakistan were not invited.
Freedom from Debt Trap
Bharat has once again made a choice to voice the concerns and plight of the developing and underdeveloped world across continents while alleviating their suffering in accordance with its universalistic policy of Vasudhaiva Kutumbakam —the world is one family.
The needy countries will not be burdened with debt in the name of development finance, Prime Minister Narendra Modi said while announcing the new initiative at the third India-hosted virtual Voice of the Global South Summit.
Global South is used to refer to a group of countries that includes Africa, Latin America, Asia, and Oceania. It can also refer to the 134 countries, a group of developing countries that was established in the 1960s to promote their interests at the United Nations
PM Modi said the “Global Development Compact” for the Global South will be in line with the priorities of developing countries even as he urged the Global South to work unitedly in confronting food and energy security crises and the challenge of terrorism and extremism.
PM Modi also called upon all the countries of the Global South countries that were still lagging behind the rest in prosperity to approach the ‘Summit of the Future’ at the United Nations next month in a manner that raises the voice of the Global South there.
While delivering his speech, Prime Minister Modi also expressed concern about the current global atmosphere of uncertainty and challenges. He highlighted that while the world has not yet fully recovered from the effects of COVID-19, the state of conflict has also posed significant challenges to the Global South Nation’s development journey.
He also emphasised that these countries are facing challenges from climate change, as well as concerns about health security, food security and energy security. The Prime Minister also noted that terrorism, extremism and separatism continue to pose serious threats to societies. He said that the technology divide and new economic and social challenges related to technology are also emerging.
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.
Even as the Eurasian and West Asian wars continued to take their toll, especially in the Global South, Indian priority was to de-weaponise and de-politicise the food, fuel and fertilisers, which are so essential for the well being of the Global South.
Assuring Bharat’s commitment to sharing its experiences with all countries of the Global South, Prime Minister Modi highlighted New Delhi’s commitment to promoting trade, inclusive development, progress on the Sustainable Development Goals (SDGs), and women-led development. The Prime Minister said that there has been significant progress in partnership with Global South nations in the areas of education, capacity building, and skilling.
He highlighted the launch of Global South Young Diplomat Forum stating that the ‘South’ or Global South Excellence Centre is working on capacity building, skilling, and knowledge sharing. He also said that India has established a Social Impact Fund to accelerate progress in Digital Public Infrastructure (DPI) in the Global South. He added that India will make an initial contribution of 25 million dollars to this fund.
PM Modi highlighted that for health security, India’s mission is One World-One Health and vision is “Arogya Maitri”. He said that New Delhi upheld this friendship by collaborating on hospitals, dialysis machines, life-saving medicines and Jan Aushadhi Centres in Africa and Pacific Island countries. PM also highlighted that in times of humanitarian crises, India has acted as a first responder, assisting friendly-nations.
Inaugurating the Foreign Ministers’ session at the summit after PM Narendra Modi’s address, Minister of External Affairs S Jaishankar emphasised the “obsolescence” of the extant multilateral institutions in his address, calling for revitalised multilateralism. India urges the Global South nations to unite and take the cudgels to usher reforms in multilateral institutions.
Neo-colonial practices by certain countries leading to non-sustainable indebtedness will have to be structurally addressed through innovative and indigenous expertise within the Global South, where India can lead the charge.
