PM proposes 'Global Development Compact' to spur growth in countries of Global South

Urges to work unitedly in confronting food energy security crises

Prime Minister Narendra Modi on Saturday proposed the creation of a humancentric “Global Development Compact” for the Global South to facilitate trade, technology sharing and concessional financing based on India’s growth journey and in line with the priorities of the developing countries.

The needy countries will not be burdened with debt in the name of development finance, Modi said, announcing the ‘Compact’ at the third India-hosted virtual Voice of the Global South Summit, amid concerns over many countries falling into the Chinese ‘debt trap’ under Beijing’s Belt and Road Initiative (BRI).

The prime minister also urged the Global South to work unitedly in confronting food and energy security crises and the challenge of terrorism and extremism.

India hosted the third edition of the summit in sync with its commitment and priorities for the Global South or the developing countries.

The ‘Global Development Compact’ will be inspired by the development priorities set by the countries of the Global South, Modi said.