Finance Minister Nirmala Sitharaman has stated that BRICS is a vital platform for advancing inclusive multilateralism. Especially when global institutions are facing a crisis of legitimacy and representation, they 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 in Rio de Janeiro yesterday, she highlighted India’s demonstrated resilience through a combination of strong domestic demand, prudent macroeconomic management, and targeted fiscal measures. The Finance Minister further stated 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 enhancing competitiveness and productivity.

In a separate meeting with her Russian counterpart, Anton Siluanov, the Finance Minister discussed issues of bilateral cooperation, particularly in the financial sector, as well as matters related to the New Development Bank. She also met with 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.