India's approach focused on strengthening intra-BRICS cooperation based on Continuity, Consolidation: Finance Ministry
Apr 06, 2021
New Delhi [India], April 6 : The Ministry of Finance said that India's approach is focused on strengthening intra-BRICS cooperation based on Continuity, Consolidation, and Consensus as India on Tuesday hosted the first meeting of BRICS Finance Ministers and Central Bank Governors virtually, which was jointly Chaired by Union Finance and Corporate Affairs Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das.
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on Tuesday emphasised the important role of BRICS (Brazil, Russia, India, China, and South Africa) in responding to the current global crisis through policy support and by enhancing international coordination.
The ministry further said that BRICS Finance Ministers and Central Bank Governors discussed the financial cooperation agenda set by India for 2021 which includes 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 Small and medium-sized enterprises (SMEs) and financial inclusion, BRICS Rapid Information Security channel and BRICS Bond Fund.
On the BRICS priorities and agenda for 2021, 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.
Sitharaman also highlighted that world's largest vaccine drive by India is underway.
As per the ministry, 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 the 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.
The Finance Minister 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 16th general review of Quotas of IMF.
