BRICS: Advancing Inclusive Multilateralism

New Delhi, Jul 7 (PTI) BRICS is a vital platform for advancing inclusive multilateralism especially when global institutions are facing a crisis of legitimacy and representation, Finance Minister Nirmala Sitharaman has said.

Speaking at BRICS Finance Minister and Central Bank Governors (FMCBG) meeting in Rio de Janeiro, Brazil, Sitharaman said India has demonstrated resilience through a combination of strong domestic demand, prudent macroeconomic management, and targeted fiscal measures.

She further emphasised that India's policy response to trade and financial restrictions has focused on diversifying markets, promoting infrastructure-led growth, and implementing structural reforms aimed at boosting competitiveness and productivity, the finance ministry said in a post on X.

The minister underlined India's view that BRICS is a vital platform for advancing inclusive multilateralism, and especially when global institutions are facing a crisis of legitimacy and representation, BRICS must lead by example by reinforcing cooperation, advocating credible reforms, and amplifying the voice of the global South.

"While South-South cooperation remains vital in advancing climate and development goals, the global South should not be expected to carry the main burden of climate action and BRICS countries are well placed to deepen cooperation on sustainable development," she said.

On the sidelines of BRICS FMCBG meeting, Sitharaman had a series of bilateral meetings including the ones with Russian and Chinese counterparts, and discussed issues of bilateral cooperation and interests.