India for Collective Action by Global South to Deal with Current Challenges: FM

Finance Minister Nirmala Sitharaman on Friday emphasized the need for decisive collective action by the Global South to deal with multiple uncertainties arising out of fiscal constraints in several economies and evolving geopolitical dynamics.

- PRESS TRUST OF INDIA

She was speaking at the Annual Meeting of Board Governors of the New Development Bank (NDB) at Rio De Janeiro, Brazil on 'Driving Development: Fostering Innovation, Cooperation, and Impact through a Multilateral Development Bank for the Global South'.

Sitharaman said the meeting is taking place at a defining moment for the Global South, as the world grapples with multiple uncertainties arising from fiscal constraints in several economies, climate transition issues and evolving geopolitical dynamics.

"In response to these challenges, our collective action must be decisive, inclusive, and forward-looking," she said.

The New Development Bank (NDB) has been established by BRICS nations.

She noted that MDBs play a pivotal role in complementing our efforts in tackling these uncertainties.