Finance Minister Nirmala Sitharaman stated that developing nations should not disproportionately bear the consequences of global imbalances and conflicts. Representing India at a summit, she called for coordinated global action and stronger multilateral cooperation to foster resilient economies and inclusive growth.
The statement underscores the growing assertiveness of developing nations in global economic forums, demanding a fairer distribution of the costs associated with international crises and advocating for reforms in global financial institutions.
Finance Minister Nirmala Sitharaman asserted that the Global South should not bear the disproportionate burden of global imbalances and conflicts, particularly those they do not drive. Speaking at the Global Convergence for Growth Summit, presided over by French President Emmanuel Macron, Sitharaman emphasized that India, like many developing economies, faces the spillover effects of these global issues.
She called for coordinated global action and strengthened multilateral cooperation to build resilient economies and ensure inclusive growth for all. The summit brought together leaders from advanced and emerging economies, including G7 nations, India, Brazil, China, Kenya, South Korea, and the International Monetary Fund, to discuss a balanced global framework.
Sitharaman noted that global imbalances vary and should focus on excessive and persistent ones, acknowledging differing domestic needs across countries. She highlighted India's strong medium-term growth projection of approximately 7%, driven primarily by domestic demand and a market-determined exchange rate.
Furthermore, Sitharaman advocated for the reform and strengthening of multilateral development banks to enhance their financing capacity, operational agility, and responsiveness to developing and emerging economies.