PRIME Minister Narendra Modi on Saturday proposed a comprehensive and human-centric “Global Development Compact” for the Global South and said it will focus on trade, sustainable growth, technology sharing and concessional financing of projects under an overall framework of the India growth story. The needy countries will not be burdened with debt in the name of development finance, Modi said, announcing the new initiative at the India-hosted third virtual Voice of the Global South Summit. Modi said the “Global Development Compact” will be inspired by the development priorities set by the countries of the Global South.

 

“I would like to propose a comprehensive Global Development Compact on behalf of India. The foundation of this compact will be based on India’s development journey and experiences of development partnerships,” he said at the closing session of the summit. “It will be human-centric and multi-dimensional for development and will promote multisectoral approach. It will not burden theneedycountrieswithdebt in the name of development finance,” Modi said. The Prime Minister said the compact will help in a balanced and sustainable development of the partner countries.ThePrimeMinisteralso said the solution to various conflicts and tensions around the world lies in inclusive globalgovernance.