🌏Views with selective news dissemination
‘GLOBAL SOUTH’ Meaning & Relevance
( With Third Global South Summit in India)
The Global South is a term used to describe a group of countries and regions that are considered to be developing or underdeveloped.
It is often contrasted with the Global North, which is made up of developed countries.
The term “global South” is not a geographical term but rather a socio-economic and political one.
It is used to describe countries that are often characterized by low levels of economic development. This includes 1) low GDP per capita, high levels of poverty, and a reliance on agriculture and raw materials exports. 2) Political instability: This can include conflict, corruption, and weak governance. 3)Social inequality: This can include disparities in wealth, education, and healthcare.
The Global South is a diverse group of countries with a wide range of cultures, histories, and political systems. However, they are all united by their shared experiences of colonialism, underdevelopment, and marginalization in the global economy. There is no single definition of the Global South, and the term is often used in different ways by different people.
However, it is generally understood to include countries in Africa, Latin America, and Asia.
The Global South is a complex and dynamic region. It is home to a growing middle class, and many countries are experiencing rapid economic growth. However, the region also faces significant challenges, such as climate change, poverty, and inequality.
The Global South is an important part of the world, and it is essential to understand its history, culture, and challenges in order to build a more just and equitable world.
Just as the European Nations have an advanced block like ‘European Union‘ with open trade and common currency of Euro, let’s hope that the ‘Global South’ too meets the challenge and build a block of countries helping upliftment of people residing in.
The third Global South Summit after January and November 2023 summits is held in India this year. 123 countries joined the Summit. Pakistan and China were absent.
Indian Prime Minister Narendra Modi expressed his concerns over food and energy security, separatism, and terrorism.
He proposed ‘Global Development Compact’ – a human-centric and sustainable development oriented approach. He said that the focus should be on technology sharing, trade, and projects with specific concessional finanance and grants.
India granted 25 million dollars for trade promotion activities fund. He also stated that terrorism, extremism, and a ‘new technological divide’ are emerging in the world.
He emphasized that the trade and economic upliftment mechanism of the last century is outdated for contemporary challenges.
The necessity of forming groups based on common aspirations and priorities was mentioned in the India hosted G20 nations’ meeting repeated here too by the Indian prime minister.
A link to Prime Minister Modi’s address is provided below 🔻
https://www.pmindia.gov.in/en/news_updates/pms-opening-remarks-at-the-inaugural-leaders-session-of-the-voice-of-global-south-summit-3-0/
India’s Finance Minister Nirmala Sitharaman said that finance for sustainable development is not readily accessible to the needy nations.
She mentioned a shortfall of 4 trillion dollars to cover the annual gap for sustainable development.
Link to the address of Finance Minister Nirmala Sitharaman at Global South is given below ⏬️
https://www.thehindu.com/news/national/urgent-need-to-address-4-trillion-financing-gap-to-accelerate-progress-on-sdgs-fm-nirmala-sitharaman/article68537259.ece
External Affairs Minister Dr. S Jaishankar said that the search for solutions is impeded by outdated thinking and vested interests. And, that India has the answers but no reach!
He points out reforms needed in major structural mechanisms; like the need to reform multilateral global institutions and governance architecture. He stressed the failure to reform the United Nations and to encourage access to finance, technology, and collective initiative. He categorically stated that reforms are needed when the world isn’t responding and, more importantly, the needy nations should not grant leverage to other countries to meddle into internal affairs under the pretext of help and aid.
The link to External Affairs Minister’s message is given below
Global South points out at disparity.
According to the Credit Suisse Global Wealth Report 2023, the total global wealth stood at approximately $454.4 trillion in 2022.
This figure represents private wealth and does not include government assets
The distribution of this wealth is highly uneven, with a small percentage of the population owning a disproportionate share
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