New Development Bank (NDB) has shown that a Global South-led institution can deliver development solutions that are timely, trusted and context-specific, Finance Minister Nirmala Sitharaman said on Friday.
Addressing the 10th Annual Meeting of Board Governors of New Development Bank here, the Finance MInister said the Bank should foster cross-country partnerships to promote knowledge exchange, policy innovation and technical cooperation.
India stands ready to collaborate with NDB in sharing successful models, such as our achievements in Digital Public Infrastructure (DPI), scaling up renewable energy adoption, for broader replication,” she told the gathering.
FM Sitharaman said India reaffirms its steadfast commitment to inclusive, sustainable and innovation-led development of the Global South. “To ensure that the Global South plays a pivotal role in discussions about issues impacting them, India’s efforts led to the landmark inclusion of the African Union as a permanent member of the G20,” she informed.
Indian economy has demonstrated remarkable growth and resilience in the post-pandemic era. “Strong focus on macroeconomic stability, targeted efforts to promote digitalization and inclusive policy design have been instrumental in achieving this, despite facing multiple domestic and external challenges,” the Finance Minister noted.
She further stated that India is poised to remain one of the fastest growing economies globally in the coming years. In Rio de Janeiro, the Finance Minister also attended the BRICS Finance Ministers and Central Bank Governors Meeting (FMCBG).
On the sidelines of the NDB meetings, the Union Finance Minister was set to hold bilateral meetings with her counterparts from Brazil, China, Indonesia and Russia, according to the ministry. The visit comes at a time when India is likely to see a GDP growth of 6.5 per cent in current fiscal (FY26) due to robust domestic demand, a normal monsoon and monetary easing.