New Delhi: As the world grapples with uncertainty in the aftermath of Covid and faces the 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 G20agenda based on hopes, aspirations and priorities of Global South."

"We took G20 ahead with an inclusive and development-oriented approach. The biggest example of this was the historic moment when the African Union received permanent membership of G20," the PM said.

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.

"Today, we are meeting at a time, when there is a sense of uncertainty across the world. The world has not been able to completely get out of the impact of Covid. On the other hand, war situations have posed challenges for our development journey. We are facing the challenge of climate change, and now there are challenges of health security, food security and energy security as well," PM Modi said.

"Terrorism, extremism and separatism have become deep dangers for our societies. Technology divide and other economic and social challenges from technology is coming to the fore," the Prime Minister said.

He further called on countries of the Global South to come together and work as each other's strength.

"Global Governance and financial Institutions built in the last decade have proven to be incapable of fighting the challenges faced in this century. This is the need of the hour that Global South countries come together, in one voice become each other's strength. We should learn from each other's experiences, share our capabilities, and give recognition to two-third of world's humanity," the Prime Minister stated.

The third Voice of Global South Summit (VOGSS) with the overarching theme of "An Empowered Global South for a Sustainable Future", will act as a platform to expand discussions held in the previous Summits on a range of complex challenges that continue to affect the world, such as conflicts, food and energy security crises, climate change - all of which disproportionately affect developing countries in a severe manner

The event underpinned by India's philosophy of 'Vasudhaiva Kutumbakam', is as an extension of Prime Minister Narendra Modi's vision of 'Sabka Saath, Sabka Vikas, Sabka Vishwas aur Sabka Prayas'.

(With Inputs From Agencies)