By Global Consultants Review Team
Finance Minister Nirmala Sitharaman on Monday underlined the importance of BRICS as a key platform to advance inclusive multilateralism, especially at a time when global institutions are struggling with issues of trust and fair representation. Speaking at the BRICS Finance Ministers and Central Bank Governors meeting in Rio de Janeiro, she said BRICS must lead by example through stronger cooperation, pushing for credible reforms, and raising the voice of the Global South.
Sitharaman pointed out that India’s economy has shown remarkable resilience, supported by strong domestic demand, sound macroeconomic policies, and well-targeted fiscal steps. She shared that India’s approach to trade and financial restrictions has been to diversify into new markets, focus on infrastructure-led growth, and carry out structural reforms to boost competitiveness and productivity.
Talking about climate and development goals, Sitharaman stressed that while cooperation among developing countries (South-South cooperation) is important, the Global South should not be expected to carry the main load of climate action. She noted that BRICS nations are well placed to work together more closely on sustainable development.
On the sidelines of the meeting, the Finance Minister also held talks with her BRICS counterparts. She met Russian Finance Minister Anton Siluanov and discussed deepening financial cooperation and issues related to the New Development Bank. She also met China’s Finance Minister Lan Fo’an, where she highlighted how India and China, as the two largest and fastest-growing economies, are uniquely positioned to drive global growth and innovation. She said that the two countries, with their vast human capital, ancient civilizational connections, and growing economic power, can work together in many areas to support inclusive global growth.
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