How Has India Shown That Scale and Speed Can Coexist? FM Sitharaman

Rio de Janeiro, July 5 (NationPress) India, serving as both a prominent emerging economy and a global influencer, is in a unique position to spearhead transformation not only for itself but also for others with similar aspirations, emphasized Finance Minister Nirmala Sitharaman.

During her address at the prominent ‘Governors Seminar’ centered on the theme 'Challenges for Financing Sustainable Development for the Global South,' FM Sitharaman highlighted that financing sustainable development in the Global South transcends mere fundraising—it involves fostering fairness, trust, and leadership.

“For India, advancing development is vital to provide access to housing, healthcare, education, and livelihoods for millions. Concurrently, the risks posed by climate change, such as heatwaves, water scarcity, and extreme weather, are on the rise,” she conveyed to the audience.

India is also increasingly focused on integrating these issues through initiatives like the National Electric Mobility Mission and regional climate action plans.

“The key challenge lies not in choosing between development and sustainability but in crafting policies—especially in collaboration with Emerging Markets and Developing Countries (EMDEs)—that foster inclusive growth and reinforce sustainable development,” stated the Finance Minister.

As we pursue the 2030 agenda, she noted, “the financing gap for Sustainable Development Goals (SDGs) in developing nations has expanded to more than $4.2 trillion annually post-pandemic, revealing the growing divide between ambition and reality.”

“India is at a pivotal juncture. The aspirations of a billion individuals align with the demands of a rapidly evolving planet. In this context, policy will dictate pace. India has exemplified how scale and speed can harmonize,” she added.

Through transformative policies like UPI, Aadhaar, and Jan Dhan, the nation has made strides in providing financial inclusion even to the most underserved.

“Our policy framework has been bolstered by initiatives such as the Gati Shakti National Master Plan, the National Green Hydrogen Mission, and the establishment of over 220 GW of renewable energy capacity to expedite the clean energy transition. These endeavors are supported by a commitment to macroeconomic stability,” the Finance Minister underscored.

In recent years, India has built a robust foundation for green finance through measures like sovereign green bonds, ESG disclosure mandates, and a proposed taxonomy for climate finance.

She further asserted that India is developing a more resilient, inclusive, and innovation-driven financial framework that aligns capital with climate and development goals.