Rio de Janeiro
India has shown the world that scale and speed can go hand-in-hand, Finance Minister Nirmala Sitharaman said on late Friday. Speaking at the ‘Governors Seminar’ on financing sustainable development for the Global South, she highlighted India’s unique position as a major emerging economy and global influencer.
She stressed that for India, rapid development is vital to provide housing, healthcare, education, and jobs to millions. At the same time, climate challenges like heatwaves, water shortages, and extreme weather are growing threats.
Sitharaman explained that the real challenge is not choosing between development and sustainability, but creating policies that support both. She noted that the funding gap for Sustainable Development Goals (SDGs) in developing countries has widened to $4.2 trillion each year after the pandemic.
“India stands at a unique crossroads where the dreams of a billion people meet the needs of a changing planet,” she said.
She praised India’s achievements through schemes like UPI, Aadhaar, and Jan Dhan, which have boosted financial inclusion across the country. Policies such as Gati Shakti, the National Green Hydrogen Mission, and 220 GW of renewable energy capacity are helping India shift to clean energy.
India has also promoted green finance by introducing sovereign green bonds, ESG (environmental, social, and governance) disclosures, and a proposed climate finance framework.
Sitharaman said India is building a strong, inclusive, and innovative financial system that supports both economic growth and climate goals.
Through these efforts, India is showing that development and environmental care can work together, setting an example for other countries in the Global South.