India would achieve a growth rate of 8.9 per cent this year says Finance Minister

2022-05-20 14:42:41 Exim News

Finance Minister Nirmala Sitaraman said India’s economic growth in the current financial year has been robust and is estimated to be 8.9 per cent which is the highest among all large economies.


This reflects India’s strong resilience and speedy recovery.


Smt. Sitharaman expressed confidence that India will continue to achieve a high growth rate in the current and next financial year.

The Finance Minister underscored the importance of multilateralism and the spirit of global cooperation for economic recovery. In this regard, she acknowledged that the NDB has successfully established itself as a reliable development partner for Emerging Market Economies.


The Bank has demonstrated strong results within its core mandate.


The Union Finance Minister also appreciated the progress made towards setting up of the India Regional Office in Gift City in Ahmedabad, in a yet another infrastructure facility  for Gujarat. While acknowledging the New Development Bank’s achievements and progress made over the last six years, she highlighted that the Bank has demonstrated strong results within its core mandate.

Ms. Nirmala Sitharaman chaired the 7th Annual Meeting of Board of Governors of NDB through video-conference in New Delhi.. The meeting was also attended by Governors/Alternate Governors of Brazil, China, Russia, South Africa and the newly joined members Bangladesh and United Arab Emirates (UAE).

 This year’s theme for the Annual Meeting was “NDB: Optimising Development Impact”

Due to ongoing pandemic, this Annual Meeting of NDB which was hosted/chaired by India this year, was organized in virtual mode. This year’s theme for the Annual Meeting was “NDB: Optimising Development Impact”, which is particularly important and relevant in the current global economic scenario.

 New Development bank is a multilateral development bank, set up by the BRICS countries (Brazil, Russia, India, China, and South Africa) in 2014 with the objective of mobilizing resources for infrastructure and sustainable development projects in the BRICS as well as other EMDCs of the world. The Bank was operationalized in 2015, with its Headquarters in Shanghai, China. Last year, NDB has expanded its membership to include four countries namely, Bangladesh, UEA, Egypt and Uruguay.  NDB has so far approved 21 projects of India for an amount of 7.1 billion US dollars.

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