Hon’ble Fellow Governors,
Hon’ble President of the New Development Bank,
Excellencies, ladies and gentlemen,
I would like to thank the Russian Federation for hosting the 11th Annual Meeting of the Board of Governors of the New Development Bank here in Moscow, and for the excellent arrangements.
Economic history has long been shaped by periods of deep structural change. What distinguishes the present moment is the convergence of multiple transitions—shifts in global economic balances, rapid technological change, demographic changes, climate pressures, and evolving patterns of interdependence—unfolding simultaneously and at an accelerated pace. Together, these forces are redefining production systems, public service delivery, financial markets, and labour dynamics across the world.
For emerging markets and developing countries, this phase of transformation presents both opportunity and risk. It can accelerate productivity, inclusion, and sustainability. At the same time, unequal access to resources, fragmented markets, and limited domestic capacities can widen development gaps and deepen vulnerabilities. The challenge before us is to ensure that these shifts become drivers of inclusive, resilient, and sovereign development, rather than a source of new divides.
India’s development experience highlights the importance of treating core drivers of growth as public goods. Through large-scale investments in digital public infrastructure, financial inclusion, renewable energy, and innovation ecosystems, we have made a consistent effort to expand access, deliver services at scale, and empower citizens and enterprises. We have complemented these initiatives with sustained investments in physical infrastructure, manufacturing capacity, and human capital—to ensure that ongoing transformations translate into jobs, productivity, and long-term growth.
The New Development Bank occupies a unique position in this regard. As a multilateral institution created by and for emerging markets and developing countries, NDB is well placed to support country‑driven development pathways, strengthen South–South cooperation, and mobilize resources for sustainable infrastructure and technological transformation. Over the past decade, NDB has built a solid foundation of developmental impact. Going forward, its continued strategic evolution—through new financing approaches, partnerships, and operational agility—will be essential.
The discussions scheduled during this Annual Meeting, including on innovation financing, artificial intelligence, healthcare, nuclear power and medicine, reflect the breadth of challenges and opportunities before us. They also underline the need for coordinated action, knowledge sharing, and collective learning among our countries.
India’s journey reflects a simple but powerful conviction: development must be inclusive, resilient, and firmly anchored in national priorities. Our rapid expansion of renewable energy, including one of the world’s largest solar programmes, and emerging efforts in green hydrogen, demonstrate our commitment to sustainable growth. At the same time, programmes like Make in India and investments in logistics and infrastructure are strengthening domestic manufacturing and supply chains.
We remain committed to deepening our engagement with the New Development Bank and working closely with fellow members to ensure that development finance effectively delivers outcomes that create real gains for our people.
I wish the Annual Meeting every success and look forward to productive discussions.