Prime Minister Narendra Modi on Wednesday called for new global mechanisms to support developing countries hit by the fallout of the West Asia crisis and proposed the creation of a Global Skills Partnership and a new connectivity initiative aimed at accelerating trade and infrastructure development across the Global South.
Addressing the outreach session on “Reviving a Balanced, Shared and Sustainable Economic Growth for All” at the G7 Summit here, Modi said economic growth should not be measured merely through GDP or trade figures but by asking “growth for whom, with whom and in what direction”.
Welcoming the French presidency’s decision to focus on the issue, the Prime Minister said India’s development experience had demonstrated that shared growth could transform aspirations into reality.
“India’s growth story is one of inclusion, scale and democratic empowerment,” he said, adding that it was guided by the principle of “Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas”.
Modi said the approach had been reflected in several initiatives undertaken by India, including its G20 presidency and the launch of the India-Middle East-Europe Economic Corridor (IMEC).
Highlighting the impact of ongoing tensions in West Asia, he said disruptions in fuel, fertiliser and food supply chains would continue to affect countries of the Global South for a considerable period.
“If we genuinely seek to strengthen international solidarity, the most vulnerable countries should not be left to bear the burden of these crises alone,” he said.
Calling for stronger support from international financial institutions, Modi said they should develop mechanisms to help developing countries absorb external shocks and maintain economic resilience.
The Prime Minister also proposed expanding the concept behind IMEC to Africa, Latin America and the Pacific Islands.
Suggesting a new framework titled International Mobilisation Partnership for Accelerating Connectivity and Trade (IMPACT), Modi said the initiative could combine G7 capital, India’s talent and the ownership of Global South countries to boost connectivity and trade.
Pointing to demographic changes across the world, he said many societies were ageing while India and several countries of the Global South possessed abundant young talent, entrepreneurship and skills.
To harness this complementarity, Modi called for the establishment of a Global Skills Partnership that would facilitate skill mapping and promote trusted mobility of skilled workers.
His remarks came amid growing concerns over the economic consequences of the West Asia crisis and renewed international efforts to strengthen supply chains and promote inclusive growth.
