Picture Source: @NarendraModi
In a significant move to bolster its leadership role among developing nations, India has committed $3.5 million to support trade and capacity-building initiatives in the Global South.
This announcement was made by Prime Minister Narendra Modi during the third Voice of Global South summit, held virtually on Saturday.
Comprehensive Developmental Compact
Prime Minister Modi introduced a “comprehensive Global Developmental Compact,” emphasizing that the initiative would align with the local priorities of participating countries. “We propose a comprehensive Global Developmental Compact determined by the local priorities,” Modi stated during the summit.
He further highlighted that the programs would be “human-centric” and “multi-dimensional,” with a strong focus on technology sharing and concessional financing. However, specifics regarding the projects to be funded or the exact mechanisms of financing were not disclosed.
Avoiding the Debt Trap
The initiative aims to prevent developing nations from falling into debt traps, a common challenge faced by many in the Global South.
PM Modi reiterated India’s commitment to funding efforts that enhance capacity among these nations, enabling them to secure better trade agreements and promote economic growth.
Representation at the UN’s Summit of the Future
The Prime Minister also mentioned that the concerns raised during the summit would be presented by India at the UN’s Summit of the Future, scheduled to take place in New York next month.
This gesture underscores India’s dedication to advocating for the interests of developing nations on a global platform.
Global Participation and Strategic Positioning
The virtual summit saw participation from representatives of approximately 18 countries, including Bangladesh, Ethiopia, Oman, and Chile.
India’s efforts to position itself as a leader of the Global South come amid its broader strategy to counter China’s influence in the Indo-Pacific region and Africa. The South Asian nation hosted two similar summits last year, further solidifying its commitment to this cause.
Addressing Global Challenges
India’s External Affairs Minister, Subrahmanyam Jaishankar, also addressed the summit, acknowledging the various challenges faced by the Global South. “The nations of the Global South are impacted by the multiple conflicts, tensions, and stresses,” Jaishankar remarked, urging collective action.
“We must work together as a family to facilitate the flow of finance and critical technology to the Global South,” he added.
India’s renewed commitment to supporting the Global South reflects its broader diplomatic strategy and ambition to play a pivotal role in shaping the future of developing nations.
