Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated via virtual mode in the second BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting under the BRICS China chairmanship, here today. The agenda of the meeting included discussions on outcomes of BRICS Financial Cooperation agenda for 2022. This included discussion on BRICS Joint Finance Ministers and Central Bank Governors Statement, Infrastructure Investments, New Development Bank and BRICS Think Tank Network for Finance.

Smt. Sitharaman observed that BRICS should continue to serve as a platform to engage in dialogues and facilitate exchange of experiences, concerns and ideas for rebuilding a sustainable and inclusive growth trajectory.

Speaking on India’s growth outlook, the Finance Minister shared that India’s economic growth will continue to be supported by fiscal spending along with an investment push, imparting momentum to the economy based on the idea of growth at macro level complemented by all inclusive welfare at micro level.

The BRICS Finance Ministers and Central Bank Governors also discussed other legacy BRICS Finance issues such as Infrastructure investment, New Development Bank (NDB), BRICS Contingent Reserve Arrangement (CRA) etc.

BRICS financial cooperation advances infrastructure investment, multilateral banking mechanisms, and policy dialogue to support inclusive growth. BRICS finance ministers and central bank governors advanced BRICS Financial Cooperation, addressing infrastructure investment, the New Development Bank, the Contingent Reserve Arrangement, and establishment of a BRICS Think Tank Network for Finance. India emphasised growth driven by fiscal spending and an investment push, pairing macro-level expansion with micro-level inclusive welfare measures to support a sustainable, inclusive economic trajectory.