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‘No nation can ignore us’: Nirmala Sitharaman at Bretton Woods Institutions panel
"We have the largest democracy and the largest population in the world. It’s not about imposing dominance but enhancing influence," she explained.
Union Finance Minister Nirmala Sitharaman. / X/@NirmalaSitharaman
Union Finance Minister Nirmala Sitharaman highlighted India's leadership in technology and its role in global corporate systems, noting that Indians are at the forefront of running complex operations worldwide. "You cannot ignore us when it comes to technology and servicing through technology," she stated, citing examples from oil refining to multilateral banking systems.
Sitharaman's statement was part of a broader dialogue addressing the role of emerging markets in global reform efforts.
Speaking at a panel discussion titled "Bretton Woods Institutions at 80: Priorities for the Next Decade," held on the sidelines of the World Bank and International Monetary Fund (IMF) Annual Meetings 2024 in Washington, DC, she underscored India’s unwavering support for multilateral institutions, which she stressed have historically received backing from the country. "India has always stood in favor of multilateral institutions," she said, while expressing concern that these institutions are no longer delivering the solutions expected of them. "Expectations pinned on multilateral institutions are fissured away because no solutions are coming out of them."
Sitharaman called for Bretton Woods institutions to strengthen their efforts for the global good. "They should be the first to share information and suggest solutions, not impose them," she remarked. The Minister reiterated the need for these institutions to work proactively rather than reactively, urging them to focus on long-term goals, such as shaping the future through innovation and collaboration.
Growing dominance of India
Nirmala Sitharaman declared that India’s global influence is undeniable, asserting that the world cannot overlook the country’s rapidly expanding economy and its vast population. She pointed to India’s importance on the world stage. "One in every six persons in the world is Indian," she remarked, adding, "you just cannot ignore our economy and the way in which it is growing."
She stressed that no country—whether the United States or China—could afford to ignore India. "We have the largest democracy and the largest population in the world. It’s not about imposing dominance but enhancing influence," she explained, highlighting India's commitment to peaceful and strategic multilateralism.
Commitment to resilience and global cooperation
Turning to India's own initiatives, Sitharaman highlighted the country’s commitment to climate resilience and disaster management. She pointed to India’s coordinated response to Cyclone Amphan in 2020, which saw the evacuation of 2.4 million people, as a prime example of India’s investment in both infrastructure and institutional capacity. "India has ensured resilient economic growth not only by investing in hard infrastructure but also by building institutional capacity," she noted.
As part of India’s ongoing leadership in the Global South, Sitharaman reaffirmed the country’s commitment to sharing best practices. Under India’s G20 presidency, a Disaster Risk Reduction Working Group was created to enhance resilience against climate-induced risks and prioritize stronger financial frameworks for disaster risk reduction.
The panel discussion, which featured prominent voices such as Lawrence H. Summers, Emeritus President of Harvard University, Spain’s Minister of Economy Carlos Cuerpo, and Egypt’s Minister of Economic Development Rania A. Al Mashat, touched on global challenges and the future role of the Bretton Woods institutions. In her closing remarks, Sitharaman underscored India’s willingness to contribute, stating, "Through the digital public infrastructure that we have publicly funded and shared with different countries, we are making our mark."
With India’s growing influence and leadership in key global areas, it’s clear that the world can no longer afford to ignore the country’s significant contributions.
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