PM Modi proposed 'Global Development Compact' at Global South Summit
New Delhi. Prime Minister Narendra Modi on Saturday proposed a comprehensive and human-centric 'Global Development Compact' for the Global South (developing and poor countries). PM Modi said that this agreement will focus on trade, sustainable development, technology sharing and concessional financing of projects under the overall framework of India's development story.
Yash Saini 
Announcing the new initiative at the third virtual 'Voice of the Global South Summit' organized by India, the Prime Minister said that the burden of debt will not be put on the needy countries in the name of development finance. He said that the 'Global Development Compact' will be inspired by the development priorities set by the countries of the Global South.
In the closing session of the summit, PM Modi said, 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 partnership. It will be human-centric and multidimensional for development and will promote a multi-sectoral approach. It will not burden the needy countries with debt in the name of development finance.
The Prime Minister said that this agreement will help in balanced and sustainable development of partner countries. He said that India will launch a special fund of US $ 2.5 million to strengthen trade-promotion activities. Training in trade policy and trade negotiations will be provided for capacity building.
The main theme of the summit is 'An Empowered Global South for a Sustainable Future', which will serve as a platform to advance discussions on many complex challenges affecting the world such as conflict, food and energy security crisis, climate change, the Ministry of External Affairs said in a statement.
During the last few years, India has established itself as a leading voice by highlighting the concerns, challenges and aspirations of the Global South, especially the African continent, emphasizing the need for 'inclusive development' and 'inclusive global governance'.
(Report. Shashwat Tiwari)
