India is uniquely positioned to lead transformative efforts for the global South, leveraging its status as a major emerging economy and global influencer.

Finance Minister Nirmala Sitharaman emphasized the importance of collective action from the global South to address challenges such as fiscal constraints, climate change, and geopolitical dynamics that hinder long-term investments.

She highlighted that the financing gap for Sustainable Development Goals (SDGs) in developing countries has surged to over USD 4.2 trillion annually since the pandemic, showcasing a growing disparity between ambition and reality.

During the NDB Governors Seminar in Rio de Janeiro, Sitharaman stressed the need to renew the mandate of the New Development Bank (NDB) with a focus on agility, technological advancement, and efficiency.

Sitharaman described the NDB as a vital platform not only for capital but also for shaping a fair and responsive global financial architecture.

She noted that the NDB has approved over 100 projects, amounting to more than USD 35 billion in financing for member countries, which includes significant initiatives in India like metro rail, renewable energy, and water management.

Sitharaman also mentioned India's commitment to macroeconomic stability and transformative programs such as the Gati Shakti National Master Plan and the National Green Hydrogen Mission, alongside a substantial increase in renewable energy capacity.

She highlighted successful Indian policy initiatives like UPI, Aadhaar, and Jan Dhan, which have significantly advanced financial inclusion.

Sitharaman pointed out that the aspirations of India's billion people align with the urgent needs of a changing planet, emphasizing that policy will play a crucial role in determining the pace of development.