In the outreach session of the G7 summit held in Evian, France, Prime Minister Narendra Modi strongly raised the issue of inclusive and sustainable economic development. Speaking on the topic ‘Balanced, shared and sustainable economic development for all’, PM Modi said that today development cannot be measured only by GDP or trade figures.

He said, “The real question is not how much development has taken place, but for whom, with whom and in which direction the development is taking place.” The Prime Minister described India’s development model as inclusive, democratic and based on public participation. He said that India’s development journey is inspired by the mantra of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas’.

PM Modi said that India has presented its vision of shared development to the world through its presidency of the G20 and initiatives like the India-Middle East-Europe Economic Corridor (IMEC). He stressed that only shared development can turn aspirations into reality.

The Prime Minister also mentioned the ongoing crisis in West Asia. He said that the disruptions in fuel, fertilizer and food supply chains will continue to impact the countries of the Global South for a long time. In such a situation, the weakest countries should not bear the burden of these crises alone.

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He appealed to international financial institutions to develop such cooperative mechanisms so that developing countries can withstand global shocks and maintain their economic strength.

PM Modi also proposed new connectivity projects with Africa, Latin America and Pacific island countries on the lines of IMEC. He said that an initiative like “International Mobilization Partnership for Accelerating Connectivity and Trade (IMPACT)” can be started by combining the capital of G7 countries, India’s talent and participation of countries of the Global South.

At the end of his address, the Prime Minister suggested forming a ‘Global Skills Partnership’. He said that while many developed countries are facing the challenge of aging population, India and the Global South have immense potential of young talent, skills and entrepreneurship, which can be harnessed for global development.

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