New Delhi: During her address at the ‘Governors Seminar’ in Rio de Janeiro on the theme “Challenges for Financing Sustainable Development for the Global South,” Finance Minister Nirmala Sitharaman said that India has shown how development at scale can be achieved without sacrificing speed. She noted that India, as both a leading emerging economy and a global influencer, is uniquely positioned to lead transformative efforts not only for itself but also for other nations with similar developmental aspirations.
Sitharaman highlighted that accelerating development is essential for India to provide housing, healthcare, education, and livelihoods to millions. However, she also pointed to growing climate-related risks such as heatwaves, water stress, and extreme weather, which pose increasing challenges. She emphasized that the real task is not choosing between development and sustainability but creating policies — especially in partnership with other emerging markets and developing countries — that foster inclusive and sustainable growth.
She warned that the post-pandemic period has significantly widened the global financing gap for Sustainable Development Goals (SDGs), now exceeding $4.2 trillion annually for developing nations. In this context, India stands at a crucial juncture where the hopes of over a billion people align with the need to address the demands of a rapidly changing planet. “Policy will determine pace,” she asserted.
The Finance Minister cited several Indian success stories, including the widespread adoption of Aadhaar, the Unified Payments Interface (UPI), and the Jan Dhan Yojana, which have driven last-mile financial inclusion. She also pointed to key national initiatives like the Gati Shakti National Master Plan, the National Green Hydrogen Mission, and the addition of over 220 gigawatts of renewable energy capacity as evidence of India’s commitment to a clean energy transition.
Sitharaman added that India has laid a strong foundation for green finance through sovereign green bonds, mandatory ESG (Environmental, Social, and Governance) disclosures, and the development of a climate finance taxonomy. These efforts, she said, are aimed at building a more resilient, inclusive, and innovation-driven financial ecosystem that aligns with both developmental and climate goals.
