Statement by India at the Human Rights Council Social Forum (31 October - 1 November 2024, Palais des Nations, Geneva, Switzerland) Session on Recommendations to FFD4 with a focus on Developing Countries, especially LDCs, LLDCs and SIDS, including recommendations from participants delivered by Mr.K.S.Mohammed Hussain, Counsellor, Permanent Mission of India, Geneva on Friday, 1 November 2024

Thank you Chair,

1. The Indian delegation appreciates the presentations made by the panelists.

2. The persistent challenges the world faces - from pandemic aftershocks, conflicts and climate vulnerabilities-have severely affected our progress on the SDGs and the framework for financing for development must reflect the urgency of our times.

3. The last three conferences on Financing for Development set out the principles of financing for development and led to commitments on increasing aid to developing countries. However, there are considerable gaps between those commitments, and the actual financing that has been provided to the Global South.

4. India, has been proposing a comprehensive approach to reimagine global financing for development:

 First, we need bold and urgent action to reform the global financial architecture and ensure timely and adequate scaling up of development financing. 

 Second, we advocate a more nuanced approach to debt sustainability, especially for SIDS, LDCs, LLDCs and other vulnerable economies. This includes exploring innovative debt relief measures that do not compromise long-term development prospects. 

 Third, the innovative and responsible use of technologies can dramatically improve the lives of citizens and enhance financial governance. Therefore, digital financial inclusion through Digital Public Infrastructure (DPI)should be promoted to achieve economic and social progress.

Finally, greater synergies and cooperation among multilateral development banks and the wider multilateral system, including the UN are needed, to jointly improve project pipeline development, regulatory and institutional reform, and information exchange. 

5. India stands ready to support the needs of the Global South. In context of the Human Right Council, India has been contributing to the Voluntary Technical Assistance Fund to support the participation of LDCs and SIDs in the work of the Council. 

Chair, 

6. We must seize this opportunity to make a quantum leap in financing for sustainable development if we are to have any hope of fulfilling our 2030 promise.

Thank you.