Speaking at the 10th Annual Meeting of the Board of Governors of the New Development Bank (NDB), Finance Minister Nirmala Sitharaman urged the multilateral bank to take a catalytic role in unlocking private sector capital for sustainable development.
She emphasized the importance of supporting Small and Medium Enterprises (SMEs), particularly women-led enterprises, to promote inclusive economic participation and gender equity. “Special focus must be placed on tailored support for SMEs, especially women-led enterprises, to ensure inclusive participation, economic development and promote gender equity,” Sitharaman said.
The finance minister highlighted the need to strengthen the financial capacity of the NDB. “Strengthening NDBs’ financial capacities to meet the scale and urgency of development financing needs is crucial,” she noted.
Sitharaman recommended that the NDB adopt actionable reforms drawn from the Capital Adequacy Framework (CAF) and the “Better, Bolder, Bigger” reforms proposed during India’s G20 Presidency in 2023. She lauded the NDB as a successful Global South-led initiative that delivers timely and context-specific development solutions.
She further called on the NDB to foster cross-country partnerships that enhance knowledge exchange, policy innovation, and technical cooperation. “India stands ready to collaborate with NDB in sharing successful models, such as our achievements in digital public infrastructure and scaling up renewable energy adoption, for broader replication,” she said.
Highlighting governance, she stressed that “robust governance and transparent institutional mechanisms are vital for enhancing the credibility and effectiveness of the NDB.” She urged continued emphasis on accountability, responsiveness, and stakeholder trust to ensure long-term sustainability.
Reaffirming India’s commitment to sustainable and innovation-led development of the Global South, Sitharaman said, “India reaffirms its steadfast commitment to inclusive, sustainable, and innovation-led development of the Global South.”
She also pointed to India’s role in global diplomacy, particularly through the inclusion of the African Union as a permanent G20 member during its presidency. “To ensure that the Global South plays a pivotal role in discussions about issues impacting them, India’s efforts led to the landmark inclusion of the African Union as a permanent member of the G20,” she said.
Turning attention to India’s domestic growth, Sitharaman highlighted the country’s economic resilience in the post-pandemic period. “Strong focus on macroeconomic stability, targeted efforts to promote digitalization and inclusive policy design have been instrumental in achieving this,” she noted.
India, she said, is set to remain one of the fastest-growing economies in the world in the coming years. In closing, she reaffirmed India’s continued cooperation with the NDB, member countries, and all stakeholders.
(From ANI)
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