Prime Minister Narendra Modi shared his thoughts on “Towards the balanced, shared and sustainable economic development for all” during the outreach session conducted at the G7 summit organised in Evian, France. Modi said that in the current situation of global uncertainties, the message of sustainable and inclusive development is more relevant to the world than ever before.
The Focus of the Development Should Be the Welfare of Common People
Prime Minister Modi hailed the summit focused on the shared and sustainable development and stated that the development shouldn’t be measured only through the Gross Domestic Product (GDP) or business growth, rather it should be assessed based on the positive impact it has on the lives and well-being of the common people. During his speech, he also highlighted India’s inclusive growth story grounded in the principles of “Sabka Sath, Sabka Vikas, Sabka Vishwas, Sabka Prayas” (Together with all, Development for all, Trust of all, and Effort of all).
Global Expansion of India’s Development Vision
The Prime Minister said that India’s mantra of inclusive development also guides its global partnerships. He noted that the adoption of the “One Earth, One Family, One Future” motto during India’s G20 presidency was the symbol of this vision. He added that the India-West Asia-Europe economic corridor (IMEC) is also based on this vision, which aims to strengthen the supply chains, boost investment and employment opportunities, and foster innovation.
The Need for International Cooperation for the Global South
PM Narendra Modi said that the Global South countries are the most affected by the global crisis and conflicts. He called for international support and cooperation to alleviate the economic and developmental burdens faced by these nations. He suggested that the international financial organisations should develop a support system which could provide the economic flexibility to the developing nations.
Proposal for a New Connectivity Initiative for Africa, Latin America, and Pacific Nations
The Prime Minister also urged consideration of connectivity projects linking Africa, Latin America, and Pacific Island nations, which could be developed along the line of the IMEC. In this direction, he suggested forming an “International Mobilisation Partnership to Fasten the Business Activities and Connectivity” (IMPACT). He said that in this initiative, the capital of G-7 nations, India’s talent and the ownership of the Global South can be clubbed together.
Reiterated India’s Commitment Toward the Global Economic Stability
Reiterating India’s commitment to a stable, reliable, and prosperous global economy, Prime Minister Modi stated that India’s belief in integration, partnership, and shared progress has driven it to enter into trade agreements with numerous nations, including G-7 members. He emphasised that addressing global challenges is possible only through cooperation, partnership, and shared responsibility.
