Partnership for Global Infrastructure and Investment PGII UPSC: Relevance
- GS 2: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.
Partnership for Global Infrastructure and Investment UPSC: Context
- In the recently held G7 meeting, the member nations formally launched a $600-billion Partnership for Global Infrastructure and Investment to help developing countries like India.
वैश्विक अवसंरचना एवं निवेश के लिए साझेदारी
Partnership for Global Infrastructure and Investment PGII: Key points
- The Partnership for Global Infrastructure and Investment (PGII) was first unveiled by the G7 leadership in June 2021 to aid lower and middle-income countries in building better infrastructure.
- Since it was launched, it was touted as a counter to China’s Belt and Road Initiative (BRI).
- PGII could benefit developing countries by offering finance for decarbonisation efforts.
- Indian entrepreneurs and companies working to increase food security and improve the rural economy will also be benefitted from this global initiative.
- Objective: To help developing countries make improvements in four core areas: healthcare, digital connectivity, gender equality and equity, and climate and energy security.
Partnership for Global Infrastructure and Investment: Focus areas
- G7 member states plan to invest in industrial-scale vaccine manufacturing facilities in the developing world to prevent and manage future pandemics.
- To secure digital network equipment for Africa, Asia and Latin America for digital connectivity.
- In the area of gender equality and equity, the partnership proposes to make childcare more accessible in the developing world.
- To help developing countries move away from coal. With the twin objectives of increasing regional energy trade by 5 per cent and deploying more clean energy technologies, the US plans to invest $40 million in South Asia alone.
- Investments under the PGII would drive job creation in developing countries while also boosting the economies of the G7 countries.
- Moreover, projects built under the PGII will adhere to transparency and protections for labour and the environment.
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