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At G7, PM warns W Asia crisis will hit Global South for years

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Prime Minister Narendra Modi on Wednesday warned that disruptions in fuel, fertiliser and food supply chains triggered by the crisis in West Asia would continue to impact developing nations for a long time and called for new international mechanisms to shield vulnerable economies from the fallout.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 burden of geopolitical crises should not be borne disproportionately by countries of the Global South and urged international financial institutions to devise support mechanisms to help them absorb economic shocks.“The disruptions to fuel, fertiliser and food supply chains caused by the crisis in West Asia will continue to impact the Global South for a long time. If we truly wish to strengthen international solidarity, the most vulnerable nations should not have to bear the burden of these crises alone,” he said.Modi’s remarks come amid growing concerns over the impact of the West Asia conflict on global energy markets and supply chains.Calling for a broader definition of economic progress, the PM said the debate on growth should move beyond GDP and trade numbers. “The real question is: for whom is this growth intended, with whom is it shared and in what direction is it headed?” he said.Highlighting India’s development experience, Modi said the country’s growth story represented “inclusion, scale and democratic empowerment” and noted that when India progresses, “one-sixth of humanity moves forward”.He said India’s domestic philosophy of “Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas” also guides its engagement with the world and was reflected during India’s G20 presidency under the theme of “One Earth, One Family, One Future”.Referring to the India-Middle East-Europe Economic Corridor (IMEC), Modi described it as a historic initiative linking Asia, West Asia and Europe that would strengthen supply chains and create new opportunities for investment, employment and innovation.Seeking to expand the model, the PM proposed extending connectivity projects to Africa, Latin America and the Pacific Islands.He suggested the creation of an “International Mobilisation Partnership for Accelerating Connectivity and Trade” (IMPACT), which would combine G7 capital, India’s talent and the ownership of Global South countries to build corridors linking trade, technology, energy and opportunities.Modi also pitched a “Global Skills Partnership” to tap the demographic complementarity between ageing developed economies and the youthful populations of India and other developing nations. Under the proposed arrangement, countries could cooperate in skill mapping and facilitate trusted mobility of skilled workers, he said.Emphasising India’s commitment to an open and interconnected global economy, Modi said New Delhi had concluded trade agreements with most of the countries represented at the summit.“India believes in integration rather than fragmentation, partnership rather than protectionism and shared prosperity rather than uncertainty,” he said, adding that India would continue to work with partner countries to strengthen economic resilience and promote a stable and prosperous global economy.

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