'Vulnerable countries mustn't bear cost of war': PM Modi makes strong case for Global South at outreach summit
Evian, June 17
Advocating for a more inclusive international financial architecture, Prime Minister Narendra Modi on Wednesday addressed the G7 outreach summit, calling for stronger global support systems to help developing countries deal with economic and social shocks.
Delivering a strong message on global equity, the Prime Minister emphasised that the "most vulnerable countries should not be left to bear the burden of crises alone", while urging multilateral lenders to actively intervene.
Elaborating on the structural reforms required to protect developing economies from global disruptions, the Prime Minister noted that multilateral lenders must evolve to meet modern challenges.
"Our international financial institutions should develop support mechanisms that help developing countries absorb these shocks and maintain their economic resilience," the Prime Minister said.
This push for structural reform set the stage for his address at a dedicated session titled "Reviving a Balanced, Shared and Sustainable Economic Growth for All", where PM Modi underlined that the idea of growth must go beyond traditional economic indicators.
Challenging standard economic metrics, he argued that human-centric development must take precedence over mere statistics.
"The reality today is--when it comes to growth, the question should not be about GDP or trade numbers. The real question is: growth for whom, with whom, and in what direction?" he said in a post on X while sharing details of his address.
Expanding on this vision of collaborative development, the Prime Minister pitched for deeper global cooperation on connectivity projects, drawing parallels with the India-Middle East-Europe Economic Corridor (IMEC) initiative finalised on the sidelines of the G20 Summit in New Delhi in 2023.
While the ambitious IMEC blueprint outlines a comprehensive network of roads, railways, and maritime routes linking India, the Middle East, and Europe to enhance transcontinental integration, its operational momentum has encountered delays due to prevailing regional volatilities.
Proposing a scalable alternative inspired by that very model, PM Modi floated a new trilateral alliance to bridge infrastructural gaps across other emerging markets.
"Like the vision of IMEC, can we work on connectivity projects with countries in Africa, Latin America and the Pacific Islands? By combining G7 capital, India's talent and the ownership of Global South countries, we may also consider establishing an International Mobilisation Partnership for Accelerating Connectivity and Trade (IMPACT)," he said.
In tandem with physical connectivity, the Prime Minister highlighted demographic imbalances between ageing societies and younger nations, stressing the need for a Global Skills Partnership to promote skill mapping and trusted skilled mobility.
PM Modi attended the G7 outreach session in France as a guest-country invitee, following a two-day visit to Slovakia.
The high-level deliberations took place within the framework of the Group of Seven, which comprises Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, alongside the European Union, functioning as a premier institutional forum for steering responses to pressing global economic and geopolitical challenges.
— ANI
Reader Comments
While I appreciate the sentiment, I wish the PM had addressed climate finance specifically. Vulnerable nations are already facing the brunt of extreme weather events, and words alone won't rebuild flooded villages or failed crops. We need concrete commitments, not just proposals.
"Growth for whom, with whom, and in what direction?"—those are powerful words. It's time we stopped worshipping GDP and started measuring well-being. India's demographic dividend is our strength, and the Global Skills Partnership could truly benefit both ageing societies and our young workforce. 👏
As an American, I find this refreshing. The G7 has been talking about engaging the Global South for years, but Modi is actually proposing tangible frameworks like IMPACT and the Global Skills Partnership. The IMEC promise showed India's capability to connect continents—if we can scale that to Africa and Latin America, it's a game-changer.
I'm glad he's raising these issues on the global stage, but let's also look inward. Our own infrastructure projects in India face delays and cost overruns. How can we lead connectivity projects abroad if we can't even finish highways on time? That said, the vision is inspiring.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.