Why in news? Prime Minister Narendra Modi addressed the inaugural session of the third Voice of the Global South Summit (VOGSS), which took place virtually on August 17, 2024.

Key points of PM’s address:

• In his remarks, PM Modi highlighted the challenging global environment marked by war-like situations, climate change, and crises in food and energy security.
• He emphasized that the existing global governance structures are inadequate to address the complexities of the 21st century.
• The summit’s theme, “An Empowered Global South for a Sustainable Future,” reflects India’s commitment to advocating for the interests of developing nations.
• PM Modi urged the Global South to unite and strengthen their collective voice to address shared challenges.
• He also announced the establishment of a $2.5 million fund to support trade promotion among these nations and an additional $1 million fund for capacity-building in trade policy and negotiations.

Importance of  India :

• India’s leadership in the Global South has been prominent, especially during its G20 presidency, where it successfully advocated for the inclusion of the African Union as a permanent member of the G20.
• This summit further solidified India’s role as a leading voice for developing countries on the global stage​.

What is Global South?

• The term “Global South” refers to a grouping of countries, primarily in Asia, Africa, Latin America, and Oceania, that are generally characterized by their lower levels of economic development, compared to the “Global North,” which includes the wealthier and more developed countries in North America, Europe, and parts of East Asia.

• The Global South encompasses nations that face common challenges such as poverty, economic dependency, and political instability, often due to historical and ongoing exploitation by more developed nations.
• The term contrasts with the Global North, which includes countries like the United States, Canada, European nations, Japan, South Korea, and Australia, that dominate global economic and political systems.