India hosts first meeting of BRICS finance ministers and central bank governors

India hosted a meeting of BRICS finance ministers and central bank governors virtually on Tuesday

Apr 06, 2021
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India hosted a meeting of BRICS finance ministers and central bank governors virtually on Tuesday.

The meeting was jointly Chaired by Indian Minister for Finance & Corporate Affairs Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das.

As 2021 BRICS chair,  India’s approach is focused on strengthening intra-BRICS cooperation based on Continuity, Consolidation and Consensus.

BRICS Finance Ministers and Central Bank Governors discussed the financial cooperation agenda set by India for 2021-Global Economic Outlook and Response to COVID-19 pandemic, New Development Bank (NDB) Activities, Social Infrastructure Financing and Use of Digital Technologies, Cooperation on Customs related issues, IMF reforms, Fintech for SMEs and Financial Inclusion, BRICS Rapid Information Security channel and BRICS Bond Fund.

On the BRICS priorities and agenda for 2021, Finance Minister Sitharaman informed that the efforts should be made towards delivering outcomes that reflect the needs and aspirations of BRICS in particular and emerging markets and developing economies in general.

The ministers emphasised the importance of BRICS in responding to the COVID-19 crisis through policy support and enhancing international coordination.

Sitharaman highlighted that world’s largest vaccine drive by India is underway. India has supplied 64.5 million vaccine doses to 84 countries.

Speaking on the importance of social infrastructure and the use of digital technologies, the Finance Minister underscored the merit in engaging with private sector and exploring innovative financing models.

Sitharaman stated that the Prime Minister’s Health Insurance Scheme using an output-based funding model has triggered a major private investment cycle in healthcare infrastructure, enabling a significant expansion of healthcare services to vulnerable citizens.

She talked about thematic priorities for New Development Bank for discussion during 2021 and the issues of membership expansion.  Sitharaman also called for greater coordination among BRICS member countries on the issues of the 16th general review of Quotas of IMF.

(IBNS)

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