Prime Minister Narendra Modi on Wednesday called for a more inclusive and sustainable model of global economic development, urging world leaders to focus on ensuring that growth benefits all sections of society and proposing new initiatives to strengthen connectivity, trade and skilled mobility across the Global South.
Addressing the Outreach Session on “Reviving a Balanced, Shared and Sustainable Economic Growth for All” at the G7 Summit in Evian, France, Modi said the global discourse on economic progress must move beyond traditional indicators such as GDP and trade figures.
“The reality today is that when it comes to growth, the question should not be about GDP or trade numbers. The real question is — growth for whom, with whom and in what direction?” the Prime Minister said.
Welcoming the French G7 Presidency’s decision to focus on balanced and sustainable growth, Modi highlighted India’s development experience as an example of how inclusive policies can transform aspirations into tangible outcomes.
“India’s experience demonstrates that shared development can help transform aspiration into reality. India’s growth story is one of inclusion, scale and democratic empowerment,” he said.
The Prime Minister noted that India’s development journey has been guided by the principle of “Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas” and said this approach has been reflected in several international initiatives undertaken by the country, including its G20 Presidency and the launch of the India-Middle East-Europe Economic Corridor (IMEC).
Drawing attention to the economic consequences of ongoing geopolitical conflicts, Modi said disruptions in fuel, fertiliser and food supply chains caused by the crisis in West Asia continue to place a disproportionate burden on developing nations.
“The disruptions in fuel, fertiliser and food supply chains caused by the crisis in West Asia will continue to impact the Global South for a considerable period. If we genuinely seek to strengthen international solidarity, the most vulnerable countries should not be left to bear the burden of these crises alone,” he said.
Calling for greater international support for developing economies, the Prime Minister urged global financial institutions to establish mechanisms that would help countries absorb external shocks and maintain economic resilience.
“Our international financial institutions should develop support mechanisms that help developing countries absorb these shocks and maintain their economic resilience,” he said.
Modi also advocated expanding the concept of strategic connectivity projects beyond existing initiatives. Referring to the India-Middle East-Europe Economic Corridor, unveiled during India’s G20 Presidency in 2023, he proposed exploring similar infrastructure and trade linkages with countries in Africa, Latin America and the Pacific Islands.
“Like the vision of IMEC, can we work on connectivity projects with countries in Africa, Latin America and the Pacific Islands?” he asked.
The Prime Minister further proposed the creation of an “International Mobilisation Partnership for Accelerating Connectivity and Trade” (IMPACT), suggesting that the combined strengths of G7 economies, India’s skilled workforce and the ownership of partner countries in the Global South could accelerate development and economic integration.
“By combining G7 capital, India’s talent and the ownership of Global South countries, we may consider establishing an International Mobilisation Partnership for Accelerating Connectivity and Trade (IMPACT),” he said.
Highlighting demographic trends across the world, Modi noted that many advanced economies are facing ageing populations while India and several other developing countries possess a large pool of young talent, entrepreneurship and skilled workers.
To leverage this complementarity, he called for the creation of a Global Skills Partnership aimed at facilitating skill mapping, capacity building and trusted mobility of skilled professionals across borders.
“Today, many societies are becoming ageing societies while India and other countries of the Global South have abundance of young talent, entrepreneurship and skills. To harness this natural complementarity, we should create a Global Skills Partnership, where we can work together on skill mapping and promoting trusted skilled mobility,” he said.
Modi’s intervention comes at a time when global leaders are grappling with slowing economic growth, persistent supply-chain disruptions, rising geopolitical tensions and increasing demands from developing countries for greater representation in global decision-making. India has consistently advocated reforms in international institutions and stronger partnerships between developed and developing economies to ensure more equitable and sustainable global growth.
