India Proves Scale and Speed Can Go Hand-in-Hand: Nirmala Sitharaman
Rio de Janeiro (The Uttam Hindu) : Finance Minister Nirmala Sitharaman stressed that India, with its dual role as a leading emerging economy and a global influencer, is in a strong position to lead change not just for itself but for all who share its aspirations.
Addressing the flagship 'Governors' Seminar' on 'Challenges for Financing Sustainable Development for the Global South' during the official visit, Finance Minister Sitharaman said financing sustainable development in the Global South is not just about raising funds, it is also about building equity, trust and leadership. "For India, accelerating development is essential to ensure access to housing, healthcare, education and livelihoods for millions of people. At the same time, climate-related risks such as heatwaves, water stress and extreme weather events are also increasing," she told the attendees. India is working rapidly to integrate them through initiatives such as the 'National Electric Mobility Mission' and province-level climate action plans.
The Finance Minister said, “The real challenge is not to choose between development and sustainability, but to formulate policies that promote inclusive growth and strengthen sustainable development, especially in partnership with emerging markets and developing countries (EMDEs)." The Finance Minister further said, "As we work towards the 2030 Agenda, the financing gap for Sustainable Development Goals (SDGs) in developing countries has increased to over $4.2 trillion annually in the aftermath of the corona pandemic, reflecting the growing gap between ambition and reality."
He said, “India stands at a unique crossroads. The aspirations of a billion people converge with the imperatives of a rapidly changing planet. India has shown how scale and speed can go hand in hand.” Through transformative policy initiatives such as UPI, Aadhaar and Jan Dhan, the country has taken financial inclusion to the last mile. “Programmes such as Gati Shakti National Master Plan, National Green Hydrogen Mission and setting up of over 220 GW of renewable energy capacity to accelerate clean energy transition have strengthened our policy ecosystem,” the Finance Minister said. In recent years, India has laid a strong foundation for green finance through initiatives such as sovereign green bonds, ESG disclosure mandate and proposed taxonomy for climate finance.