Rio de Janeiro, July 7 (IANS) Finance Minister Nirmala Sitharaman on Monday said that BRICS is a vital platform for advancing inclusive multilateralism, and especially when global institutions are facing a crisis of legitimacy and representation, it must lead by example by reinforcing cooperation, advocating credible reforms, and amplifying the voice of the Global South.

Addressing the BRICS Finance Ministers and Central Bank Governors meeting here, she highlighted India’s demonstrated resilience through a combination of strong domestic demand, prudent macroeconomic management, and targeted fiscal measures, according to a Finance Ministry post on social media platform X.

FM Sitharaman further said that India’s policy response to trade and financial restrictions has focused on diversifying markets, promoting infrastructure-led growth, and implementing structural reforms aimed at boosting competitiveness and productivity.

“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 emphasised.

Earlier, the Finance Minister discussed various issues of bilateral cooperation, including collaboration across multiple sectors to further strengthen strategic partnerships during her meetings with BRICS counterparts in Rio de Janeiro.

In her meeting with Russian Finance Minister Anton Siluanov on the sidelines of the BRICS Finance Ministers and Central Bank Governors meeting, she discussed issues of bilateral cooperation, particularly in the financial sector, as well as matters related to the New Development Bank.

FM Sitharaman also met her Chinese counterpart Lan Fo’an and emphasised that India and China are uniquely positioned to drive inclusive global growth and innovation, as the two largest and fastest-growing economies in the world. Finance Minister Sitharaman highlighted that the two countries can strengthen collaboration across a wide range of areas, given their rich human capital, deep civilisational ties, and expanding economic influence.

–IANS

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