Finance Minister Nirmala Sitharaman says India will remain one of the world's fastest-growing major economies in the coming years.
Finance Minister Nirmala Sitharaman has once again expressed confidence in India's economic strength. She stated that India will continue to be among the world's fastest-growing major economies in the coming years. This statement was made during the New Development Bank (NDB) annual meeting held in Rio de Janeiro, Brazil.
Appreciation for India's Recovery After the Pandemic
Sitharaman said that despite the shocks of the coronavirus pandemic, the way India's economy has recovered proves the country's resilience and that policy decisions were in the right direction. She said that India's growth has been possible due to b macroeconomic policies, the use of digital technology, and inclusive policies.
India's Stability in Complex Global Conditions
The Finance Minister also said that the world is currently grappling with challenges such as fiscal crises, climate change, and increasing geopolitical instability. Despite this, India has maintained its economy's stability and dynamism. She said this is an indication that India will remain a source of inspiration not only for itself but also for the global economy.
Public Expenditure Essential for Development
During the meeting, Nirmala Sitharaman advised the NDB to focus on strategic priorities, keeping future needs in mind. She said that promoting public capital expenditure has become even more important to maintain the pace of development.
Need to Increase NDB's Financial Capacity
The Finance Minister also emphasized the need to further strengthen the financial capabilities of the New Development Bank. She said that the financing needs of developing countries are very large at present and the NDB needs to increase its reach and resources to meet these requirements.
Impact of Digital India on the Global Stage
In her address, the Finance Minister also discussed the Digital India initiative. She said that the way India has promoted financial inclusion by using digital technology is a model for developing countries. Whether it is digital payments, Aadhaar-linked services, or direct benefit transfer, India has done excellent work in all these areas.
New Framework Needed for Multilateral Banks
Sitharaman suggested that solid and effective measures be adopted for multilateral development banks under the 'Capital Adequacy Framework' (CAF). She also recalled that during India's 2023 G20 presidency, bold steps were taken regarding reforms in MDBs, which now need to be taken forward.
Mention of India's G20 Presidency Role
Sitharaman stated that the major reforms proposed during India's G20 presidency were in line with today's global development needs. India not only made suggestions but also showed leadership in implementing them. She also said that other countries and institutions now need to move forward seriously in this direction.
Focus on Climate Financing
Sitharaman said that climate change is a serious challenge and requires adequate funding for its solution. She appealed to the NDB to prioritize green projects and Sustainable Development Goals (SDGs).
India's Strong Presence on the Global Stage
Throughout this entire meeting, the Finance Minister of India conveyed a clear message that India is not only moving forward itself but is also raising the voice of developing countries on the global stage. She expressed confidence that in the coming time, both India's economic growth and its role will become ber.
