New Delhi, 17 June (H.S.):

Prime Minister Narendra Modi on Wednesday urged international financial institutions to establish support mechanisms that would help developing countries withstand disruptions in global supply chains and maintain economic resilience. He said that the ongoing crisis in West Asia has disrupted the supply chains of fuel, fertilizers, and food, the consequences of which will continue to weigh heavily on the Global South for a prolonged period.

If we truly seek to strengthen international solidarity, we must not allow the most vulnerable nations to bear the burden of these crises alone, the Prime Minister said.

Addressing the Outreach Session on Revitalizing Balanced, Shared and Sustainable Economic Growth for All at the G7 Summit in Évian, Prime Minister Modi commended France, the G7 Presidency, for selecting the theme and bringing global attention to the issue.

The Prime Minister emphasized that development should not be measured solely by GDP or trade figures. The real question, he said, is whom development serves, with whom it is achieved, and the direction in which it progresses. India's experience, he noted, demonstrates that inclusive growth can transform aspirations into reality. He described India's development journey as a story of inclusion, scale, and democratic empowerment.

Modi said this vision is guided by the principle of Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas (Together with All, Development for All, Trust of All, annd Efforts by All). He pointed out that India has reflected this approach during its G20 Presidency, the launch of the India-Middle East-Europe Economic Corridor (IMEC), and several other international initiatives.

Drawing inspiration from the IMEC vision, the Prime Minister proposed expanding connectivity initiatives to Africa, Latin America, and the Pacific Island nations through dedicated infrastructure and connectivity projects.

He further proposed the creation of the International Mobilization Partnership for Accelerating Connectivity and Trade (IMPACT) to accelerate connectivity projects and facilitate trade. According to Modi, the initiative could be built by combining the capital resources of the G7, India's talent, and the active participation of Global South nations.

The Prime Minister also called for the establishment of a Global Skills Partnership to promote skill mapping and facilitate the trusted mobility of skilled professionals. He observed that while many societies are facing ageing populations, India and several other Global South countries possess an abundance of young talent, entrepreneurial spirit, and skilled human resources.

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Hindusthan Samachar / Jun Sarkar