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