Brics policy voice: FM Sitharaman calls for credible reforms amid global institutional crisis, India cites domestic resilience and macro strategy at Rio meet
Speaking at the Brics Finance Ministers and Central Bank Governors (FMCBG) meeting in Rio de Janeiro, Brazil, Sitharaman said India has demonstrated resilience through a combination of strong domestic demand, prudent macroeconomic management, and targeted fiscal measures, PTI reported.
She further emphasised that India's policy response to trade and financial restrictions has centred on diversifying markets, promoting infrastructure-led growth, and implementing structural reforms aimed at boosting competitiveness and productivity, the finance ministry said in a post on X.
The minister underlined that Brics must 'lead by example by reinforcing cooperation, advocating credible reforms, and amplifying the voice of the global South.'
"Brics is a vital platform for advancing inclusive multilateralism, and especially when global institutions are facing a crisis of legitimacy and representation, Brics must lead by example by reinforcing cooperation, advocating credible reforms, and amplifying the voice of the global South," Sitharaman said, according to the post.
She also highlighted that while South-South cooperation is essential for advancing climate and development goals, the global South should not be expected to carry the main burden of climate action. She said Brics countries are well placed to deepen cooperation on sustainable development.
"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 added.
On the sidelines of the Brics FMCBG meeting, Sitharaman held a series of bilateral meetings, including with her Russian and Chinese counterparts, where issues of bilateral cooperation and mutual interest were discussed.
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