India has pledged $3.5 million to assist developing countries in enhancing trade and building capacity, as part of its efforts to establish itself as a leader among Global South nations. Prime Minister Narendra Modi announced this during the third Voice of Global South summit, held virtually. Modi emphasized the need for a “Global Developmental Compact” focused on local priorities, technology sharing, and concessional finance for projects, aiming to prevent developing nations from falling into debt traps.
The initiative, which Modi described as “human-centric” and “multi-dimensional,” is intended to strengthen the capabilities of developing countries, enabling them to secure better trade deals and promote economic growth. Although specific projects and funding methods were not detailed, the concerns raised during the summit will be presented by India at the upcoming UN Summit of Future in New York.
The virtual summit saw participation from representatives of 18 countries, including Bangladesh, Ethiopia, Oman, and Chile. India’s External Affairs Minister, Subrahmanyam Jaishankar, highlighted the impact of global conflicts and tensions on Global South nations and called for collaborative efforts to ensure the flow of finance and critical technology to these regions. This summit is part of India’s broader strategy to assert its leadership in the Global South and counter China’s influence in the Indo-Pacific and Africa.
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