Union Finance and Corporate Affairs Minister Nirmala Sitharaman, while attending the BRICS Finance Ministers and Central Bank Governors Meeting in Rio de Janeiro on Monday, underscored the importance of the BRICS grouping in representing the interests of the Global South.
Highlighting India’s economic resilience, Sitharaman credited strong domestic demand, sound macroeconomic management, and targeted fiscal measures for the country’s robust performance. She also noted that India’s policy response to global trade and financial restrictions has focused on market diversification, infrastructure-led growth, and structural reforms to enhance competitiveness and productivity.
Calling BRICS a vital platform for promoting inclusive multilateralism, the Finance Minister emphasized that at a time when global institutions face crises of legitimacy and representation, BRICS must lead by example – reinforcing cooperation, pushing for credible reforms, and amplifying the voice of the Global South.
Sitharaman also stressed that while South-South cooperation is crucial to achieving climate and development goals, the Global South should not be expected to bear the primary burden of climate action. She urged deeper cooperation among BRICS nations on sustainable development.