Institutions From Last Decade Can’t Tackle Today’s Challenges: PM Modi

As the world grapples with the aftermath of Covid-19, and the challenges of terrorism and climate change, global governance and financial institutions established in previous decades have fallen short in addressing today’s issues, Prime Minister Narendra Modi said at the Voice of Global South Summit on Saturday.

India is hosting the third Voice of Global South Summit in a virtual format, bringing together countries of the Global South to share their perspectives and priorities on a wide range of issues.

In his opening remarks, PM Modi stated, “In 2022, when India assumed the G20 presidency, we resolved to give a new structure to G20. The Voice of Global South Summit became a platform where we openly discussed problems and priorities related to development. India has shaped the G20 agenda based on the hopes, aspirations, and priorities of the Global South.”

“We advanced the G20 with an inclusive and development-oriented approach. The biggest example of this was the historic moment when the African Union received permanent membership of G20,” the PM highlighted.

Prime Minister Modi also pointed out the uncertainty in the current global scenario amid conflicts and other concerns, stating that global governance and financial institutions have been “inefficient” in dealing with today’s challenges.

“Today, we are meeting at a time when there is a sense of uncertainty across the world. The world has not yet fully recovered from the impact of Covid. Additionally, war situations have posed challenges to our development journey. We face the challenges of climate change, and now there are concerns about health security, food security, and energy security as well,” PM Modi said.

“Terrorism, extremism, and separatism have become deep dangers for our societies. The technology divide and other economic and social challenges from technology are also coming to the forefront,” he added.

He further called on countries of the Global South to unite and support each other: “Global governance and financial institutions built in the last decade have proven incapable of addressing the challenges of this century. It is crucial that Global South countries come together, speak with one voice, and become each other’s strength. We should learn from each other’s experiences, share our capabilities, and recognize the importance of two-thirds of the world’s population,” the Prime Minister emphasized.

The third Voice of Global South Summit (VOGSS), under the theme “An Empowered Global South for a Sustainable Future,” aims to expand on discussions from previous summits on complex global challenges such as conflicts, food and energy security crises, and climate change—all of which disproportionately affect developing countries.

The event is underpinned by India’s philosophy of ‘Vasudhaiva Kutumbakam’ and reflects Prime Minister Narendra Modi’s vision of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas aur Sabka Prayas.’

(With ANI Inputs)

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