Prime Minister Narendra Modi, on Wednesday, proposed the creation of a new global framework aimed at boosting connectivity, trade and economic cooperation among developed and developing nations.
Speaking at an outreach session of the G7 Summit in France, Modi pitched the idea of an International Mobilisation Partnership for Accelerating Connectivity and Trade (IMPACT), a platform that would bring together the strengths of the G7 nations, India and countries of the Global South.
The prime minister suggested that the proposed framework could be modelled on the India-Middle East-Europe Economic Corridor (IMEC), which was unveiled on the sidelines of the G20 Summit in New Delhi in 2023.
"Like the vision of IMEC, can we work on connectivity projects with countries in Africa, Latin America and the Pacific Islands?" Modi asked.
"By combining G7 capital, India's talent and the ownership of Global South countries, we may also consider establishing an International Mobilisation Partnership for Accelerating Connectivity and Trade (IMPACT)," he said.
Modi was speaking at a session titled ‘Reviving a Balanced, Shared and Sustainable Economic Growth for All’, where he argued that economic growth should be measured not merely by GDP figures or trade volumes, but by who benefits from that growth and how it is achieved.
"It is good that the French G7 Presidency has given importance to this topic. The reality today is -- 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?" he said.
The proposed IMPACT framework draws inspiration from IMEC, which envisages a network of road, rail and shipping links connecting India, the Middle East, Europe and the United States. However, the corridor has yet to take off because of the ongoing crisis in the Middle East.
During his address, Modi also highlighted the demographic advantages of India and other Global South countries.
"Today, many societies are becoming ageing societies while India and other countries of the Global South have abundance of young talent, entrepreneurship and skills," he said.
To leverage these strengths, Modi called for the creation of a Global Skills Partnership that would focus on skill mapping and trusted mobility of skilled workers across countries.
India attended the G7 Summit as a guest nation at the invitation of the host country.
