Daijiworld Media Network - New Delhi

New Delhi, Jul 5: India, a leading emerging economy and global influencer, is uniquely positioned to drive sustainable transformation not just within its borders, but across the Global South, said union finance Minister Nirmala Sitharaman.

Speaking at the flagship 'Governors Seminar' on 'Challenges for Financing Sustainable Development for the Global South', Sitharaman emphasised that financing sustainable development is not merely about raising funds, but about building fairness, trust, and leadership.

"For India, rapid development is essential to ensure access to housing, healthcare, education, and jobs for millions. Simultaneously, climate risks like heatwaves and water stress are intensifying," she said. Sitharaman highlighted India's integrated approach through initiatives like the National Electric Mobility Mission and state-level climate action plans.

She underlined that the real challenge lies not in choosing between development and sustainability, but in designing inclusive policies, especially in partnership with Emerging Markets and Developing Countries (EMDEs), to strengthen sustainable growth.

Pointing to the widening gap between ambition and reality, the finance minister said the post-pandemic financing gap for achieving the Sustainable Development Goals (SDGs) in developing nations has surged to over $4.2 trillion annually.

“India stands at a unique crossroads where the aspirations of a billion people meet the challenges of a changing planet. In this moment, policy will determine pace,” she added.

Sitharaman cited transformative initiatives like UPI, Aadhaar, and Jan Dhan in advancing last-mile financial inclusion. She also noted how the Gati Shakti Master Plan, the National Green Hydrogen Mission, and 220 GW of renewable energy installations reflect India’s clean energy commitment.

India’s strong foundation for green finance is also evident in its sovereign green bonds, ESG disclosure mandates, and proposed taxonomy for climate finance. The country, she said, is creating a resilient, inclusive, and innovation-led financial system that aligns capital with both climate and development goals.