Prime Minister Narendra Modi proposed a comprehensive “Global Development Compact” at the Voice of Global South Summit, emphasizing India’s development journey and experiences in development partnerships. Leaders at the Summit voiced concerns over debt burdens, climate change, and called for reforms at the United Nations.
In his closing remarks, PM Modi highlighted that the discussions at the Summit showcased the unity of the Global South and laid a foundation for mutual understanding. The Third Voice of Global South Summit, hosted by India and held virtually, saw participation from 123 countries.
External Affairs Minister S. Jaishankar, in a press conference after the Summit, noted that this was the first major plurilateral event organized by the BJP-led NDA government in its third term. He emphasized the significance of the event, noting the participation of 21 heads of state/government, 118 ministers, including 34 foreign ministers, and representatives from five multilateral development banks.
PM Modi announced the launch of a special USD 2.5 million fund to promote trade and capacity building, with a focus on not burdening countries with debt in the name of development finance. He stated that the Global Development Compact would be human-centric, multi-dimensional, and promote a multi-sectoral approach to development. The Compact aims to support sustainable growth, technology sharing, concessional finance, and grants without imposing debt burdens.
India also committed to contributing to the Sustainable Development Goals (SDG) Stimulus leaders group for financial stress and development funding in the Global South. Additionally, PM Modi highlighted India’s willingness to share experiences and technology in natural farming and provide support for drug regulators’ training.
Concerns over global tensions and conflicts were raised during the Summit, with PM Modi emphasizing the need for just and inclusive global governance. He pointed to the upcoming UN Summit of the Future as a critical milestone for addressing these concerns.
Jaishankar addressed the growing sentiment for UN reform, advocating for a text-based negotiation process that would allow all 190-plus UN members to vote on the future of the organization. He acknowledged challenges in this process but stressed the importance of democratic decision-making.
During the Summit, issues of political interference, the situation in Gaza, and the Israel-Hamas conflict were discussed. Jaishankar noted that Gaza received more attention than the Russia-Ukraine conflict, with leaders expressing concern over civilian casualties and calling for a return to ceasefire and negotiations.
Terrorism and extremism were also key topics, with Jaishankar noting that these issues are shared concerns across the Global South. He reported that while the debt burden was mentioned, no specific country was singled out. Other concerns raised included bridging the digital divide, connectivity, and cultural preservation.
The Voice of Global South Summit is an initiative inspired by PM Modi’s vision of inclusive development and global cooperation, reflecting India’s philosophy of “Vasudhaiva Kutumbakam” (the world is one family). The Summit brings together countries from the Global South to share perspectives on a wide range of issues, with previous editions held in January and November 2023. The third Summit, themed “An Empowered Global South for a Sustainable Future,” included 10 ministerial sessions.
