Rio de Janeiro: During the BRICS Finance Ministers and Central Bank Governors meeting, Finance Minister Nirmala Sitharaman emphasized India's demonstrated resilience through a blend of robust domestic demand, wise macroeconomic management, and targeted fiscal actions.
The finance minister, during her participation at the meeting, stated that India's policy response to trade and financial limitations has focused on market diversification, infrastructure-led growth, and structural modifications designed to improve competitiveness and productivity.
The Union Finance Minister emphasized India's perspective that BRICS is an important platform for promoting inclusive multilateralism, particularly in light of global institutions' current crisis of legitimacy and representation. BRICS must lead by example by strengthening cooperation, advocating credible reforms, and amplifying the Global South's voice.
Finance Minister Sitharaman also stated that while South-South collaboration is critical for achieving climate and development goals, the Global South should not be expected to bear the primary burden of climate action. BRICS nations are well positioned to strengthen sustainable development cooperation.
According to the joint statement released on Sunday, hours before the Summit, the BRICS Finance Ministers and Central Bank Governors have urged advanced economies and the international financial system to give significant funding for climate mitigation in developing nations.
...We urge advanced economies, other key players in the international financial system, and the business sector to provide significant funding for climate action in developing nations, including by increasing concessional finance and mobilizing private capital, according to the joint statement.
Given the substantial adaptation demands in EMDEs (Emerging Market and Developing Economies), we urge international financial institutions to increase adaptation support and assist build an enabling environment that encourages more private sector engagement in mitigation efforts, according to the joint statement.
India, a BRICS member, has consistently advocated for climate finance commitments, particularly from developed countries that are significant carbon emitters. India remained outspoken about the necessity for sufficient funding, especially in the Global South.
Climate finance generally refers to any funding that aims to facilitate mitigation and adaptation efforts to combat climate change.
Developing countries believe that developed nations have a larger historical responsibility for emissions and should take the lead in mitigation and financing.
Finance Ministers and Central Bank Governors from the BRICS nations convened in Rio de Janeiro, Brazil, on July 5, 2025, to discuss "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance. "
BRICS member nations encompass nearly half of the world's population spread across four continents, and their economies account for approximately 40% of global GDP.
