Prime Minister Narendra Modi on Wednesday addressed the G7 outreach summit where he emphasised that the "most vulnerable countries should not be left to bear the burden of crises alone". Delivering a strong message on global equity, PM Modi called for stronger global support systems to help developing countries deal with economic and social shocks and urged multilateral lenders to actively intervene.
Elaborating on the structural reforms required to protect developing economies from global disruptions, thePrime Ministernoted that multilateral lenders must evolve to meet modern challenges.
"Our international financial institutions should develop support mechanisms that help developing countries absorb these shocks and maintain their economic resilience," PM Modi said.
This push for structural reform set the stage for his address at a dedicated session titled "Reviving a Balanced, Shared and Sustainable Economic Growth for All", where PM Modi underlined that the idea of growth must go beyond traditional economic indicators.
Challenging standard economic metrics, he argued that human-centric development must take precedence over mere statistics.
"The reality today is--when it comes to growth, the question should not be about GDP or trade numbers. The real question is: growth for whom, with whom, and in what direction?" he said in a post on X while sharing details of his address.
Expanding on this vision of collaborative development, the Prime Minister pitched for deeper global cooperation on connectivity projects, drawing parallels with the India-Middle East-Europe Economic Corridor (IMEC) initiative finalised on the sidelines of the G20 Summit in New Delhi in 2023.
While the ambitious IMEC blueprint outlines a comprehensive network of roads, railways, and maritime routes linking India, theMiddle East, and Europe to enhance transcontinental integration, its operational momentum has encountered delays due to prevailing regional volatilities.
Proposing a scalable alternative inspired by that very model, PM Modi floated a new trilateral alliance to bridge infrastructural gaps across other emerging markets.
"Like the vision of IMEC, can we work on connectivity projects with countries in Africa, Latin America and the Pacific Islands? By combining G7 capital, India's talent and the ownership of Global South countries, we may also consider establishing an International Mobilisation Partnership for Accelerating Connectivity and Trade (IMPACT)," he said.
Source: India Latest News, Breaking News Today, Top News Headlines | Times Now
