At BRICS meet, Nirmala Sitharaman calls for inclusive multilateralism, greater voice for the global south

Union Finance Minister Nirmala Sitharaman on Sunday reaffirmed India’s commitment to inclusive multilateralism and sustainable development at the BRICS Finance Ministers and Central Bank Governors Meeting (#BRICSFMCBG) held in Rio de Janeiro, Brazil, the Ministry of Finance said in a post on X.

Addressing her counterparts from the BRICS grouping—comprising Brazil, Russia, India, China, and South Africa—Sitharaman highlighted the resilience of the Indian economy in the face of global disruptions. She attributed this to a combination of robust domestic demand, prudent macroeconomic management, and well-calibrated fiscal policies.

“India’s response to trade and financial restrictions has focused on diversifying markets, promoting infrastructure-led growth, and implementing structural reforms to enhance competitiveness and productivity,” Sitharaman said.

With multilateral institutions facing what she described as a “crisis of legitimacy and representation,” the Finance Minister asserted that BRICS must step up to reinforce global cooperation and amplify the voice of the Global South.

“BRICS is a vital platform to advance inclusive multilateralism,” she said, calling for the bloc to advocate credible reforms and lead by example in shaping a fairer global order.

Sitharaman also stressed the need for equitable climate action. While underlining the importance of South-South cooperation in achieving climate and development goals, she cautioned that the burden of climate action should not disproportionately fall on developing nations.

“BRICS countries are well-positioned to deepen cooperation on sustainable development. The Global South should not be expected to carry the main burden of climate action,” she noted.

The Rio meeting comes amid renewed calls for reforming international financial institutions to better reflect the voices and priorities of emerging and developing economies. India, which has recently concluded its G20 presidency, continues to push for structural reforms and collaborative frameworks that promote equity, sustainability, and shared prosperity across the Global South.