PM Modi on Saturday called for a trade, technology, investment, and concessional financing partnership, with the phrase ‘India growth story’, for the Global South under what he described as the ’Global Development Compact.’
They will not have to borrow money for development financing in a nefarious and self-serving ‘debt trap’ scheme, Modi said while rolling out the new facility at the third Voice of the Global South Summit hosted by India.
Modi stated that the ”Global Development Compact” will be based on the development objectives of the countries of the Global South.
On behalf of India, let me suggest seven pillars of a Global Development Compact: The compact of this size will be built on Indian growth experience and showcase the development partnership experiences, he said at the closing ceremony of the summit.
It will be human-oriented and multi-faceted for development, and it will foster multi-sectoralism. In matters of development finance, Modi said: “It will not put your shoulders to pay debt for the needy countries.”
The prime minister noted that according to the compact, sustainable, and balanced development of the partner countries will be reached.
”Under this compact, we will be concerned with trade, debris for development, capacity development for sustainability, technology transfer, concessional financing on a project-by-project basis, and grants.
”In order to enhance trade promotion activities, India will open a special fund of USD 2.5 million. He said training will be given in trade policy and trade negotiation for capacity building. Training and capacity building will support ministries of trade negotiation.
The prime minister also stated that the source of different disputes and tensions in the contemporary world can be found in the ineffective principles of global governance.
