Finance Minister Nirmala Sitharaman has called for a renewed mandate for the New Development Bank (NDB), emphasising the need for greater agility, technological advancement, and efficiency in today's fast-changing world.
Observing that NDB has played an important role in reshaping the financial landscape for the global South, she said it has approved more than 100 projects and it has approved more than USD 35 billion in financing across member countries, including key Indian initiatives, like the metro rail, renewable energy and water management.
NDB is not just a source of capital, it is a platform for shaping a more equitable and responsive global financial architecture, she said during the NDB Governors Seminar on the theme 'Challenges for Financing Sustainable Development for the Global South' in Rio de Janeiro, Brazil, on Friday.
"In today's fast-changing world, its mandate must be renewed. The NDB's mandate must be renewed with a focus on greater agility, technological advancement, and efficiency in an enhanced way. So, in conclusion, I would like to say financing sustainable development in the global South isn't just about raising funds.
"It's about building fairness. It's about building trust, and it is about building leadership. India, with its dual role as a leading emerging economy and a global influencer, is uniquely positioned to lead this transformation, not just for itself, but for all those who share its aspirations," she said.
Sitharaman underlined the need for decisive collective action by the global South to address multiple uncertainties arising from fiscal constraints, climate change, and evolving geopolitical dynamics.
Sitharaman highlighted that this deters long-term investment and delays critical progress in areas like renewable energy and climate-resilient infrastructure.
Stressing that India stands at a unique crossroads, she said, "The aspirations of a billion people converge with the imperatives of a fast-changing planet. And in this moment, policy will determine the pace. India has demonstrated how scale and speed can go hand-in-hand." Through transformative policy initiatives like UPI, Aadhaar and Jan Dhan, India has driven financial inclusion even to the last mile, she said.
India's policy ecosystem has been further strengthened by programmes, such as the Gati Shakti National Master Plan, the National Green Hydrogen Mission and the installation of over 220 GW of renewable energy capacity to accelerate clean energy transition, she said, adding that these efforts are complemented by a commitment to macroeconomic stability.
"As we strive towards the 2030 agenda, the financing gap for Sustainable Development Goals (SDGs) in developing countries has widened to over USD 4.2 trillion annually post-pandemic, reflecting the widening gap between ambition and reality," she said.
She exuded confidence that India will remain one of the fastest-growing major economies in the world on the back of the country's resilience and robust recovery in the post-pandemic era.
