FM Sitharaman Urges NDB Mandate Overhaul for Agility, Tech-Driven Growth
Sitharaman highlighted the NDB’s pivotal role in reshaping finance for developing nations
Finance Minister Nirmala Sitharaman has called for a revitalized mandate for the New Development Bank (NDB), emphasizing agility, technological innovation, and efficiency to meet the demands of a rapidly evolving global landscape.
Speaking at the NDB Governors Seminar in Rio de Janeiro, Brazil, on Friday, themed 'Challenges for Financing Sustainable Development for the Global South,' Sitharaman highlighted the NDB’s pivotal role in reshaping finance for developing nations. The bank has approved over 100 projects, disbursing more than USD 35 billion for initiatives like metro rail, renewable energy, and water management in member countries, including India.
“The NDB is not just a funding source but a platform for a fairer, more responsive global financial system,” she said. “Its mandate must evolve to prioritize agility, technological advancement, and efficiency.” She stressed that financing sustainable development involves building fairness, trust, and leadership, with India poised to spearhead this transformation as a leading emerging economy.
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Sitharaman underscored the urgency for the global South to act collectively amid fiscal constraints, climate change, and geopolitical shifts, which hinder long-term investments in critical areas like renewable energy and climate-resilient infrastructure. She showcased India’s progress, citing policies like UPI, Aadhaar, and Jan Dhan for driving financial inclusion, alongside initiatives like the Gati Shakti National Master Plan and the National Green Hydrogen Mission. India’s renewable energy capacity, exceeding 220 GW, reflects its commitment to clean energy and macroeconomic stability.
Highlighting a post-pandemic financing gap for Sustainable Development Goals (SDGs) exceeding USD 4.2 trillion annually in developing nations, Sitharaman noted the growing divide between ambition and reality. Yet, she expressed confidence in India’s resilience, predicting it will remain among the world’s fastest-growing major economies.
The Finance Minister’s call for a dynamic NDB mandate signals India’s push for a transformative global financial framework that empowers the global South.
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