Governors’ Statements

Statement by the Minister of Finance of the Republic of India, H.E. Mrs. Nirmala Sitharaman (Governor for India, Chairperson of the Board of Governors)

My greetings to the Honorable Governors, President Marcos Troyjo, and to all participants.

 

  1. We are meeting at a time when the world is facing serious challenges, which could endanger the economic recovery from the pandemic.

 

  1. Extreme weather events caused by incipient climate change, supply chain crises, increasing commodities and energy prices and inflationary trends are all causes for concern for governments worldwide. In this context, the theme for our Annual Meeting – “Optimizing Development Impact” – becomes even more relevant.

 

  1. Multilateralism and the spirit of global cooperation, has played a critical role in economic recovery from previous global financial crises. In this regard, the New Development Bank (NDB), which established itself as a reliable development partner, will be tested for its effectiveness in the context of current global development.

 

  1. India is celebrating 75 years of Independence this year. India’s economic growth in the current year has been robust and is estimated to be 8.9 per cent, which is the highest among all large economies. This reflects India’s strong resilience and speedy recovery. Going forward, I am confident that we will achieve high growth rate in the current and next financial year.

 

  1. The dynamism and the strength of the emerging markets, is noteworthy and continues to remain un-paralleled. Our strength lies in numbers and we have critical pieces in place to ensure long-term sustainable, inclusive and resilient growth. NDB is a shining example of cooperation and collaboration in the BRICS and shows how through our collective actions we can achieve more with less.

 

  1. The present global economic situation warrants the need for making the best and most effective use of limited resources and consolidating synergies, through mobilising timely and judicious financial resources with strong partnerships – to position ‘sustainability’ high on the economic, social and environmental dimensions of the global policy agenda.

 

  1. I would like to emphasize that optimization in this context is also about developing innovative financial products and services and leveraging existing mechanisms to invigorate and incentivize strategic investments.

 

  1. To conclude, I am confident that despite the challenges, NDB will play a significant and meaningful role in the development journey of its member countries in the decades to come.

 

Thank you!