World is in state of crisis: PM Modi at Voice of Global South summit

NEW DELHI: Prime Minister Narendra Modi on Thursday said the “world is in a state of crisis it is difficult to predict how long this state of instability will last.” Inaugurating the virtual two-day Voice of Global South Summit, Modi called for “respect sovereignty of all nations, rule of law and peaceful resolution of differences and disputes; and reform international institutions, including the United Nations, to make them more relevant.” Over 120 nations are expected to participate in various ministerial sessions over the two days. Modi said the “people of the Global South should no longer be excluded from the fruits of development together we must attempt to redesign global political and financial governance”, adding that “this can remove inequalities, enlarge opportunities, support growth and spread progress and prosperity.” He added: “Most of the global challenges have not been created by the Global South. “Hence, as the eight-decade old model of global governance slowly changes, we should try to shape the emerging order… Despite the challenges the developing world faces, I remain optimistic that our time is coming.” Talking about the assistance given by India, Modi said: “Our development partnerships cover all geographies and diverse sectors. India has always stood for a greater role for developing countries in determining our common future.” Suggesting a way out of the global crisis, Modi added: “To re-energise the world, we should together call for a global agenda of ‘Respond, Recognise, Respect and Reform’: Respond to the priorities of the Global South by framing an inclusive and balanced international agenda, recognize that the principle of ‘Common but Differentiated Responsibilities’ applies to all global challenges, respect sovereignty of all nations, rule of law and peaceful resolution of differences and disputes; and reform international institutions, including the United Nations, to make them more relevant.” In his message to developing nations, Modi said: “The need of the hour is to identify simple, scalable and sustainable solutions that can transform our societies and economies.