RIO DE JANEIRO— Finance Minister Nirmala Sitharaman on Monday emphasized that BRICS is a crucial platform for promoting inclusive multilateralism. At a time when global institutions are facing a crisis of legitimacy and representation, she said, BRICS must lead by example by strengthening cooperation, pushing for credible reforms, and amplifying the voice of the Global South.
Speaking at the BRICS Finance Ministers and Central Bank Governors meeting in Rio de Janeiro, Sitharaman highlighted India’s economic resilience, which she attributed to strong domestic demand, sound macroeconomic policies, and targeted fiscal measures. Her remarks were shared in a post by the Finance Ministry on X.
Sitharaman noted that India’s response to trade and financial restrictions has focused on diversifying markets, fostering infrastructure-led growth, and implementing structural reforms to enhance competitiveness and productivity.
“While South-South cooperation remains vital in advancing climate and development goals, the Global South should not be expected to carry the main burden of climate action, and BRICS countries are well placed to deepen cooperation on sustainable development,” she said.
Earlier, the finance minister held bilateral meetings with several of her BRICS counterparts to discuss collaboration across multiple sectors and explore ways to further strengthen strategic partnerships.
In her meeting with Russian Finance Minister Anton Siluanov on the sidelines of the event, Sitharaman discussed bilateral cooperation in the financial sector, as well as matters related to the New Development Bank.
She also met with Chinese Finance Minister Lan Fo’an, where she stressed that India and China—being the world’s two largest and fastest-growing economies—are uniquely positioned to drive inclusive global growth and innovation. Sitharaman underscored that both countries could deepen cooperation across a wide range of sectors, leveraging their shared civilizational heritage, growing economic power, and rich human capital. (Source: IANS)
