Prime Minister Narendra Modi, speaking at the G7 outreach summit in Evian, France, on Wednesday, strongly advocated for a more inclusive international financial system, urging multilateral lenders to support developing countries facing economic and social shocks. He emphasized that the most vulnerable nations should not bear the burden of global crises alone.
Call for Structural Reforms
PM Modi stressed that international financial institutions must evolve to help developing economies absorb disruptions and maintain resilience. He stated, "Our international financial institutions should develop support mechanisms that help developing countries absorb these shocks and maintain their economic resilience."
Human-Centric Growth
Speaking at a session titled "Reviving a Balanced, Shared and Sustainable Economic Growth for All," PM Modi challenged traditional economic metrics, arguing that growth should prioritize human development over GDP or trade numbers. He posed the question: "The real question is: growth for whom, with whom, and in what direction?"
Proposal for IMPACT Initiative
The Prime Minister proposed a new trilateral alliance inspired by the India-Middle East-Europe Economic Corridor (IMEC) to bridge infrastructure gaps in Africa, Latin America, and the Pacific Islands. He suggested the International Mobilisation Partnership for Accelerating Connectivity and Trade (IMPACT) to combine G7 capital, India's talent, and Global South ownership.
Global Skills Partnership
Addressing demographic imbalances, PM Modi called for a Global Skills Partnership to promote skill mapping and trusted skilled mobility between ageing societies and younger nations.
PM Modi attended the G7 outreach session as a guest-country invitee after a two-day visit to Slovakia. The G7 includes Canada, France, Germany, Italy, Japan, the UK, the US, and the EU.
