There is an air of uncertainty across the world, says PM Modi
Flagging “tensions and conflicts” as a serious issue for all, Prime Minister Narendra Modi has said that solutions to these concerns depend on “just and inclusive global governance”.
 
Delivering his closing remarks at the 3rd Voice of the Global South Summit which was held virtually on Saturday (August 17, 2024), Prime Minister Modi said, “You have also raised concerns about tensions and conflicts. This is a serious issue for all of us”.
 
According to him, “solutions to these concerns depend on just and inclusive global governance, such institutions whose priorities give preference to the Global South, where developed countries also fulfil their responsibilities and commitments, take steps to reduce the gap between the Global North and the Global South”.

The Summit of the Future at the UN next month could be an important milestone for all of this, Prime Minister Modi added.
 
Earlier, in his opening remarks, he had referred to “an atmosphere of uncertainty” across the world.
 
“The world has not yet fully come out of the impact of Covid. At the same time, the situation of war has posed challenges to our development journey. While we are already facing the challenges of climate change; and now there are also concerns of health security, food security, and energy security,” Prime Minister Modi pointed out.

He also referred to terrorism, extremism and separatism as serious threats, adding that the technology divide and technology-related new economic and social challenges were also emerging. “The global governance and financial institutions set up in the last century have been unable to fight the challenges of this century,” Prime Minister Modi asserted.
 
'Global Development Compact': PM Modi's far-reaching proposal
In his closing remarks, outlining a Global Development Compact for balanced and sustainable growth of countries in the Global South, Prime Minister Modi announced a special fund of USD 2.5 million to boost trade development activities.
 
“After listening to all of you today, on behalf of India, I would like to propose a comprehensive ‘Global Development Compact’. 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,” Prime Minister Modi stated.

The proposed initiative will be human-centric, multi-dimensional and promote a multi-sectoral approach to development, he explained, adding that it will not put the needy countries under the burden of debt in the name of development finance. “It will contribute to the balanced and sustainable development of the partner countries,” he remarked.
 
Outlining the key objectives, Prime Minister Modi said it would 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 will be provided in trade policy and trade negotiation for capacity building. A fund of USD 1 million dollars will be provided for this, PM Modi said.

He pointed out that India was contributing to the SDG Stimulus leaders’ group for financial stress and development funding in countries of the Global South. “We will work to make affordable and effective generic medicines available to the Global South. We will also provide support to the training of drug regulators. We will be happy to share our experiences and technology in 'natural farming' in the agriculture sector,” he explained.
 
‘Development For All’
The Voice of Global South Summit is an extension of Prime Minister Modi's vision of "Sabka Saath, Sabka Vikas, Sabka Vishwas aur Sabka Prayas" (Together with All, Development for All, Trust of All, and Efforts by All). It is deeply rooted in the ancient Indian philosophy of Vasudhaiva Kutumbakam, which translates to "The World is One Family." 

Since its inception, the summit has aimed to bring together countries from the Global South—a term that refers to developing nations in Africa, Asia, Latin America, and the Caribbean—to share their perspectives and priorities on various global issues. 
 
The inaugural Voice of Global South Summit was held virtually on January 12-13, 2023, and saw the participation of over 100 countries from across the Global South. The summit was a significant milestone in international diplomacy, providing a much-needed platform for developing nations to articulate their concerns and collaborate on solutions.
 
Building on the success of the first summit, the 2nd Voice of Global South Summit was held on November 17, 2023. This summit expanded the dialogue to include even more countries, further solidifying the Global South’s collective voice on the global stage. The feedback and suggestions from these summits were instrumental in the formulation of the G20 New Delhi Leaders’ Declaration, which highlighted the importance of addressing the unique challenges faced by developing nations.