Need a globalisation which doesn’t lead to climate or debt crisis: PM Modi

Prime Minister Narendra Modi on Friday said that developing nations desire a globalisation which doesn’t lead to climate or debt crisis.

He said that developing countries are also concerned about the increasing fragmentation of the international landscape, however “these geopolitical tensions distract us from focusing on our development priorities.They cause sharp swings in international prices of food, fuel, fertilisers and other commodities”.

To address this geopolitical fragmentation, “we urgently need a fundamental reform of the major international organisations, including the United Nations Security Council and the Bretton Woods institutions”.

These reforms, Modi noted, should focus on giving voice to the concerns of the developing world, and reflect the realities of the 21st century.

The Prime Minister made these comments in his opening remarks at the concluding session of the virtual “Voice of Global South” summit.

“We all appreciate the principle of globalisation. India’s philosophy has always seen the world as one family. However, developing countries desire a globalisation that does not create climate crisis or debt crisis. We want a globalisation that does not lead to unequal distribution of vaccines or over-concentrated global supply chains. We want a globalisation that brings prosperity and well-being to humanity as a whole. In short, we want a ‘human-centric globalisation’,” he said.

Meanwhile, he also announced that India will establish a “Global-South Centre of Excellence”.

In his remarks at the summit, he said that “this institution will undertake research on development solutions or best-practices of any of our countries, which can be scaled and implemented in other members of the Global South”.

“As an example, the digital public goods developed by India in fields like electronic-payments, health, education, or e-governance, can be useful for many other developing countries,” he said.

He added that India has also made great strides in areas like space technology and nuclear energy.

“We will launch a ‘Global-South Science & Technology initiative’ to share our expertise with other developing nations,” he told the gathering.



(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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