Daijiworld Media Network – Rio de Janeiro

Rio de Janeiro, Jul 5: Finance Minister Nirmala Sitharaman on Friday called for a renewed mandate for the New Development Bank (NDB), emphasizing the need for greater agility, technological advancement and operational efficiency in today’s rapidly changing global environment.

Speaking at the NDB Governors Seminar on the theme 'Challenges for Financing Sustainable Development for the Global South', Sitharaman said that the NDB has already reshaped financial dynamics for developing nations and approved over USD 35 billion across more than 100 projects, including key Indian initiatives in metro rail, renewable energy and water management.

“NDB is not just a source of capital—it is a platform for shaping a more equitable and responsive global financial architecture,” she said.

She stressed that financing sustainable development in the Global South is not merely about raising funds. “It’s about building fairness, building trust, and demonstrating leadership. India, with its unique position as a leading emerging economy and global influencer, is ready to lead this transformation,” she asserted.

Highlighting multiple challenges such as fiscal constraints, climate change, and evolving geopolitical uncertainties, Sitharaman urged the Global South to undertake decisive collective action.

“These challenges deter long-term investment and delay progress in crucial sectors like renewable energy and climate-resilient infrastructure,” she noted.

Referring to India’s successful policy interventions, she said that initiatives like UPI, Aadhaar and Jan Dhan have enabled deep financial inclusion, even in remote areas.

She also underlined transformative programmes such as Gati Shakti, the National Green Hydrogen Mission, and the installation of over 220 GW of renewable energy capacity as examples of India’s commitment to sustainable growth and macroeconomic stability.

“As we pursue the 2030 Agenda, the financing gap for the Sustainable Development Goals in developing nations has widened to over USD 4.2 trillion annually post-pandemic,” she said, cautioning that the gap between ambition and reality is growing.