Global South alone can’t bear war burden, needs financial support: Modi to G7
GS2Polity · Governance · IR· Policies of other countries affecting India· Mains·
Why in news
PM Modi urged G7 leaders to establish financial support mechanisms for the Global South to mitigate the economic shocks of the West Asia war and proposed the IMPACT initiative.
Background
PM Modi proposed the International Mobilisation Partnership for Accelerating Connectivity and Trade (IMPACT) to boost connectivity in Africa, Latin America, and the Pacific Islands. The G7 summit included participation from the World Bank, IMF, OECD, and African Development Bank.
Facts for Prelims
- BodyIMPACT: Proposed initiative by India to foster connectivity in Africa, Latin America, and Pacific Islands
- FactG7 Summit participants included Brazil, Egypt, South Korea, Kenya, Ukraine, Qatar, and UAE
- BodyOECD: Organisation for Economic Co-operation and Development
For Mains
Q. Discuss India's role as a voice for the Global South in shaping the global economic architecture and addressing supply chain disruptions caused by geopolitical conflicts.
Dimensions to cover in your answer
- Debt distress: High interest rates and debt servicing burdens on developing nations in the Global South
- Supply chain vulnerability: Dependence on West Asian corridors for essential fertilizers and fuel inputs
- Multilateral reform: Need for IMF and World Bank to provide more concessional financing for climate and connectivity
Keywords: Global South · Economic Resilience · Supply Chain Disruptions · Multilateralism · Connectivity
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