August 17, 2024: As the world grapples with uncertainty in the aftermath of COVID and faces challenges of terrorism and climate change, global governance and financial institutions established in the previous decade have fallen short in dealing with today’s issues, Prime Minister Narendra Modi said at the Voice of Global South Summit on Saturday.

India is hosting in virtual format the third Voice of Global South Summit, which envisages bringing together countries of the Global South to share their perspectives and priorities on a common platform across a whole range of issues.

In his opening remarks at the summit, PM Modi said, “In 2022, when India took over the G20 presidency, we took the resolve to give a new structure to G20. Voice of Global South Summit became a platform, where we openly discussed problems and priorities related to development. And India prepared G20 agenda based on hopes, aspirations and priorities of Global South.”

Prime Minister Modi highlighted the uncertainty in the current global scenario amid conflicts and other concerns, and said that global governance and financial institutions have been “inefficient” in dealing with today’s challenges.