Seville (Spain), July 2 India supports reforms to the international financial architecture to enhance inclusivity and equity, including Multilateral Development Bank (MDB) reforms and fairer credit rating systems, Finance Minister Nirmala Sitharaman has stressed.
MDB lending must be aligned with long-term development goals and backed by robust monitoring frameworks to ensure that funds are used as intended, she said at the third plenary meeting during the 4th International Conference on Financing for Development (FFD4) here, organised by the United Nations.
“We support international cooperation to modernise tax systems and curb illicit financial flows. India’s comprehensive tax reforms and digital transformation in tax administration have increased revenue and reduced compliance costs,” she told the gathering.
FM Sitharaman further stated that we believe that optimal regulation fosters innovation and stability.
“The Indian financial system promotes inclusivity through easier credit and lower compliance cost, especially for MSMEs. We have developed a dynamic ecosystem for start-ups and PPPs in infrastructure,” the finance minister emphasised.
India has consistently placed people at the centre of its development strategy.
“Through targeted policy interventions, we have lifted 250 million people out of multidimensional poverty, and empowered communities through inclusive Digital Public Infrastructure (DPI). However, for robust global growth, national efforts must be complemented by an enabling international environment,” she highlighted.
FM Sitharaman noted that We remain committed to South-South and Triangular Cooperation.
“We support the call for a reversal in the decline of ODA, and urge developed countries for enhancing climate finance that is predictable, accessible, and concessional - particularly for adaptation in vulnerable countries. In the spirit of India’s civilisational ethos - 'Vasudhaiva Kutumbakam’ or ‘The World is one family’ - we must unite in our efforts to drive meaningful change that benefits all,” the finance minister added.
She met Nadia Calvino, President of the European Investment Bank Group, on the sidelines of the FFD4 meetings.
During the meeting, discussions were held on wide-ranging issues, including EIB’s expanding portfolio in India — seven metro projects and one urban rail project, diversifying in other sectors such as water and sanitation.
Recognising India’s strength in digitalisation and its role in promoting economic growth and inclusivity, FM Sitharaman and Calvino discussed the scope for partnering in third countries in this field and other areas.
Calvino looked forward to further strengthening of partnership between EIB and India.
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