PM Modi Advocates Global Safety Net For Global South At International Engagement

Prime Minister Narendra Modi on Wednesday called for stronger global financial safeguards to protect developing economies from external shocks, urging international institutions to build a more robust “safety net” for the Global South amid rising geopolitical tensions and supply chain disruptions. The remarks were made during an outreach session of the G7 Summit held in Evian, France, where leaders discussed global economic stability, energy security, and the impact of ongoing conflicts on international trade flows.

Modi stressed that disruptions in critical global corridors are disproportionately affecting developing countries, which often lack the financial resilience to absorb such shocks. He specifically pointed to the continuing crisis in West Asia, noting its cascading effects on fuel, fertiliser, and food supply chains worldwide. According to the Prime Minister, these disruptions are likely to have long-lasting consequences for vulnerable economies, especially those heavily dependent on imports for essential commodities.

“The impact of the West Asian crisis on fuel, fertiliser and food supply chains will have long-lasting consequences for the Global South,” Modi said, adding that “the most vulnerable countries should not bear the burden of crises on their own.” He further emphasised that global financial institutions must evolve to become more responsive and adaptive in addressing external shocks affecting developing nations. Modi also highlighted the need to rethink global connectivity through inclusive and partnership-driven frameworks.

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He cited the India-Middle East-Europe Economic Corridor (IMEC) as an example of collaborative infrastructure development that could serve as a model for future initiatives aimed at improving trade and connectivity across regions. Expanding on this idea, he suggested extending similar connectivity projects to regions such as Africa, Latin America, and the Pacific Islands. He proposed a new framework called the International Mobilisation Partnership for Accelerating Connectivity and Trade (IMPACT), which would combine G7 financial resources, India’s skilled workforce, and ownership and participation from Global South countries.

According to Modi, such an approach would help create more balanced and resilient global economic systems, ensuring that developing nations are not left disproportionately exposed to crises originating elsewhere. He argued that inclusive infrastructure and trade partnerships could play a key role in stabilising global supply chains and promoting equitable growth. The address reflects India’s continued push at multilateral forums to position the Global South as a central stakeholder in global economic decision-making, particularly at a time of heightened geopolitical uncertainty and shifting trade alignments.

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