Nirmala Sitharaman Calls for Stronger Global Cooperation at Economic Summit
Nirmala Sitharaman Global Summit remarks focused on stronger multilateral cooperation, sustainable development and inclusive growth as the Union Finance Minister addressed the Global Convergence for Growth Summit virtually on Tuesday. Sitharaman said developing nations continue to bear the heaviest burden of global conflicts and economic uncertainty despite contributing less to many of the challenges affecting the international economy.
Addressing the Global Convergence for Growth Summit virtually from New Delhi on Tuesday, Sitharaman said that while prosperity and challenges are shared in an interconnected world, the consequences of geopolitical conflicts, supply chain disruptions and economic instability disproportionately affect developing countries and nations of the Global South.
The Finance Minister stressed that coordinated global action is essential to address these challenges and ensure a more balanced and sustainable global economic future.
Nirmala Sitharaman Global Summit: Global South Faces Greater Economic Challenges
Highlighting the unequal impact of global disruptions, Sitharaman said that developing economies often suffer the most despite contributing the least to many international economic problems.
She noted that countries across the Global South continue to face developmental challenges while simultaneously dealing with inflationary pressures, debt concerns, trade disruptions and the fallout of international conflicts.
According to the Finance Minister, stronger cooperation among nations is necessary to create economic systems that are more resilient, inclusive and capable of supporting long-term growth.
Sitharaman added that international institutions and multilateral forums must ensure that the voices and concerns of developing economies receive adequate attention in global decision-making processes.
India Not a Major Source of Global Economic Imbalances
Addressing the issue of global imbalances, Sitharaman said policymakers must recognise that not all economic imbalances are alike.
She explained that some imbalances naturally arise from differences in demographics, development levels, resource availability and economic structures. Therefore, the focus should remain on excessive and persistent imbalances rather than treating all economic disparities in the same manner.
The Finance Minister asserted that India and many developing economies remain largely peripheral to the origination and propagation of major global imbalances.
She argued that countries should be allowed the policy space necessary to address domestic developmental priorities while contributing constructively to global economic stability.
India’s Growth Driven by Strong Domestic Demand
Highlighting India’s economic performance, Sitharaman said the country’s growth continues to be driven primarily by domestic demand and supported by a largely market-determined exchange rate.
She noted that India remains one of the world’s fastest-growing major economies and has demonstrated resilience despite challenging global economic conditions.
According to the Finance Minister, India’s Gross Domestic Product (GDP) growth is projected to remain robust at around seven per cent over the medium term.
Sitharaman attributed this growth outlook to ongoing structural reforms, infrastructure expansion, digital transformation, manufacturing growth and rising domestic consumption.
The Finance Minister said India’s economic trajectory demonstrates how developing economies can achieve sustained growth while maintaining macroeconomic stability.
Global Leaders Discuss Economic Resilience
The Global Convergence for Growth Summit was chaired by French President Emmanuel Macron and brought together leaders from both advanced and emerging economies.
Participants included representatives from G7 countries as well as major developing economies such as India, Brazil, China, Kenya and South Korea. International institutions, including the International Monetary Fund (IMF), also participated in the discussions.
The summit focused on strengthening economic resilience, addressing global imbalances, promoting sustainable development and improving international cooperation amid growing geopolitical and economic uncertainties.
Leaders discussed strategies to ensure that global growth remains inclusive and benefits both advanced and developing economies.
Call for Inclusive and Sustainable Growth
Reiterating India’s position on international economic governance, Sitharaman said sustainable and inclusive growth can only be achieved through collective action and stronger partnerships between nations.
She emphasised that economic cooperation should prioritise resilience, development and equitable opportunities, particularly for emerging economies that are playing an increasingly important role in driving global growth.
The Finance Minister’s remarks reflect India’s broader effort to advocate for greater representation of developing nations in global economic policymaking and to ensure that international institutions remain responsive to their needs.
As global uncertainties continue to challenge economies worldwide, Sitharaman’s call for stronger multilateral cooperation highlights India’s growing role in shaping discussions on global economic governance and sustainable development.
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