India diversifying markets amid trade restrictions: FM Nirmala Sitharaman

FM Nirmala Sitharaman at the BRICS meeting says India is diversifying markets, focusing on infrastructure-led growth and structural reforms to improve competitiveness and productivity

Don't want to miss the best from Business Standard?

India's policy response to trade and financial restrictions has centred on diversifying markets, promoting infrastructure-led growth, and implementing structural reforms aimed at boosting competitiveness and productivity, Finance Minister Nirmala Sitharaman said at the BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting.

 

The meeting was held on 5 July in Rio de Janeiro. A post on the Ministry of Finance's social media platform on Monday said that the Finance Minister underlined India's view that BRICS is a vital platform for advancing inclusive multilateralism.

 

“…and especially when global institutions are facing a crisis of legitimacy and representation, BRICS must lead by example by reinforcing cooperation, advocating credible reforms, and amplifying the voice of the Global South,” Sitharaman added. 

 

The Finance Minister said that while South-South cooperation remains vital in advancing climate and development goals, the Global South should not be expected to carry the main burden of climate action. “BRICS countries are well-placed to deepen cooperation on sustainable development,” she said.

 

Addressing the FMCBG, Sitharaman also highlighted how India had demonstrated resilience through a combination of strong domestic demand, prudent macroeconomic management, and targeted fiscal measures.