Global Development Compact:
PM Narendra Modi proposed a human-centric “Global Development Compact,” during the Voice of the Global South Summit.
- Global Development Compact will be inspired by the development priorities set by the countries of the Global South.
- PM Narendra Modi, in his opening remarks at the virtually held India-hosted third summit, emphasized that global governance and financial institutions established in the last century have failed to address the challenges of the current century.
- PM Modi stated that under this new Compact, needy countries will not be burdened with debt in the name of development finance. Instead, the Compact will draw on India’s own development journey and its experiences in development partnerships.
- The Compact will prioritize trade for development, capacity building for sustainable growth, technology sharing, project-specific concessional finance, and grants. To support trade promotion activities, India will initiate a special fund of USD 2.5 million, with an additional USD 1 million allocated to this cause.
- The prime minister said the compact will help in a balanced and sustainable development of the partner countries.
