Prime Minister Narendra Modi on Wednesday called for new international support mechanisms to help developing countries absorb global shocks, saying the burden of supply-chain crises should not fall disproportionately on the world’s most vulnerable economies.
PM Modi is in Evian-les-Bains, France, along with other world leaders for the Group of Seven (G7) summit.
In a post on X, PM Modi said he addressed the Outreach Session on “Reviving a Balanced, Shared and Sustainable Economic Growth for All” at the G7 Summit, where he argued that growth could not be judged only by gross domestic product (GDP) or trade numbers.
“The real question is – Growth for whom, with whom and in what direction?” he said.
PM Modi said India’s development experience showed that shared growth could turn aspiration into reality. He described India’s growth story as one of inclusion, scale and democratic empowerment.
India’s growth model
India’s growth model
He said India’s approach was inspired by ‘sabka saath, sabka vikas, sabka vishwas, sabka prayas” (together with all, development for all, trust of all, efforts by all).
He said this approach had been reflected in India’s Group of Twenty (G20) Presidency, the launch of the India-Middle East-Europe Economic Corridor (IMEC) and other global initiatives.
The Prime Minister placed India’s pitch within the concerns of the Global South, arguing that growth should be more inclusive and resilient in a world facing repeated shocks.
West Asia and the Global South
West Asia and the Global South
PM Modi said disruptions in fuel, fertiliser and food supply chains caused by the crisis in West Asia would continue to affect 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.
International financial institutions should develop support mechanisms that help developing countries absorb such shocks and maintain economic resilience, he said.
Connectivity and skilled mobility
Connectivity and skilled mobility
PM Modi also called for wider connectivity partnerships beyond existing corridors. Referring to IMEC, he asked whether similar connectivity projects could be taken up with countries in Africa, Latin America and the Pacific Islands.
He said G7 capital, India’s talent and the ownership of Global South countries could be combined to establish an International Mobilisation Partnership for Accelerating Connectivity and Trade (IMPACT).
The Prime Minister also proposed a Global Skills Partnership, citing the demographic gap between ageing societies and countries such as India, which have a large pool of young talent, entrepreneurship and skills.
He said such a partnership could focus on skill mapping and trusted skilled mobility.
