Rio de Janeiro, 5 July (IANS). Finance Minister Nirmala Sitharaman stressed that India is in a strong position, leading the change not only for themselves but also for all those who share their aspirations with their dual role as a leading emerging economy and global impact country.
Addressing the Flagship ‘Governors Seminar’ on ‘Challenges for Financing Sustainable Development for the Global South’ during the official visit, Finance Minister Sitharaman said that funding the sustainable development in Global South is not only about raising money, it is also not about raising money, it is also related to the creation of money.
He told the attendees, “For India, it is necessary to accelerate development for millions of people to ensure housing, healthcare, education and livelihood. Also, climate related risks such as heatwave, water stress and actress weather are also increasing.”
India is working fast to integrate them through initiatives like ‘National Electric Mobility Mission’ and province-level climate action schemes.
The Finance Minister said, “The actual challenge is not to select between development and sustainability, but especially to create policies in partnership with emerging markets and developing countries (EMDE) that promote inclusive growth and strengthen Sustainable Development.”
The Finance Minister added, “As we are trying for the 2030 agenda, the difference of financing for the Sustainable Development Goals (SDG) in developing countries after the Corona epidemic has exceeded the $ 4.2 trillion annually, showing the growing difference between ambition and reality.”
He said, “India stands at a unique intersection. The aspirations of one billion people get rapidly with the imperatives of the changing planets. India has shown how the measure and speed can move together.”
Through transformational policy initiatives like UPI, Aadhaar and Jan Dhan, the country has brought financial inclusion to the last miles.
The Finance Minister said, “Our policy ecosystem has been strengthened by programs such as establishment of more than 220 GW of renewable energy capacity to accelerate the speed power National Master Plan, National Green Hydrogen Mission and Clean Energy Transition.”
In recent years, India has prepared a strong base for green finance through initiatives such as Sovereign Green Bond, ESG disclosure maindate and proposed taxonomy for climate finance.
-IANS
SKT/