India has demonstrated how scale and speed can go hand-in-hand: FM Sitharaman

IANS July 5, 2025 441 views

Finance Minister Nirmala Sitharaman emphasized India's role in balancing rapid development with sustainability at the Governors Seminar in Rio. She highlighted initiatives like UPI and green bonds as key drivers of inclusive growth. The minister pointed out the widening $4.2 trillion SDG financing gap post-pandemic. India's policies aim to align economic progress with climate resilience for the Global South.

"India has demonstrated how scale and speed can go hand-in-hand." — FM Nirmala Sitharaman
India has demonstrated how scale and speed can go hand-in-hand: FM Sitharaman
Rio de Janeiro, July 5: India, with its dual role as a leading emerging economy and a global influencer, is uniquely positioned to lead the transformation not just for itself, but for all those who share its aspirations, Finance Minister Nirmala Sitharaman has stressed.

Key Points

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India leads in financing sustainable development for Global South

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FM stresses balancing growth and climate resilience

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Sovereign green bonds and ESG mandates strengthen green finance

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UPI and Aadhaar drive last-mile financial inclusion

Adrdessing the flagship ‘Governors Seminar’ on the theme 'Challenges for Financing Sustainable Development for the Global South' here during an official visit, FM Sitharaman said that financing sustainable development in the Global South is not just about raising funds — it’s about building fairness, trust and leadership.

“For India, accelerating development is essential to ensure access to housing, healthcare, education and livelihoods for millions. At the same time, climate-related risks such as heatwaves, water stress, and extreme weather events are also increasing,” she told the gathering.

India is also increasingly working to integrate them through initiatives like the National Electric Mobility Mission, and province-level climate action plans.

“The real challenge is not choosing between development and sustainability, but designing policies - particularly in partnership with Emerging Markets and Developing Countries (EMDEs) - that promote inclusive growth and strengthen sustainable development,” the Finance Minister mentioned.

According to her, as we strive towards the 2030 agenda, “the financing gap for Sustainable Development Goals (SDGs) in developing countries has widened to over $4.2 trillion annually post-pandemic, reflecting the widening gap between ambition and reality.”

“India stands at a unique crossroads. The aspirations of a billion people converge with the imperatives of a fast-changing planet. And in this moment, policy will determine pace. India has demonstrated how scale and speed can go hand-in-hand,” she added.

Through transformative policy initiatives like UPI, Aadhaar and Jan Dhan, the country has driven financial inclusion even to the last-mile.

“Our policy ecosystem has been further strengthened by programs such as the Gati Shakti National Master Plan, the National Green Hydrogen Mission and installation of over 220 GW of renewable energy capacity to accelerate clean energy transition. These efforts are complemented by a commitment to macroeconomic stability,” the Finance Minister highlighted.

In recent years, India has laid a strong foundation for green finance through initiatives like sovereign green bonds, ESG disclosure mandates and the proposed taxonomy for climate finance.

She further stated that India is building a more resilient, inclusive and innovation-driven financial architecture that aligns capital with climate and development goals.

—IANS

Reader Comments

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Sarah B
While the initiatives sound impressive, I wonder about ground-level implementation. In my neighborhood, we still face frequent power cuts despite all the renewable energy talk. Action should match the vision.
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Priya S
The $4.2 trillion SDG gap is worrying! India needs to lead by example in the Global South. Our Gati Shakti plan could be a model for infrastructure development that balances growth and sustainability.
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Rohit P
Digital India success is undeniable! From street vendors to big shops, everyone uses UPI now. If we can replicate this success in green energy, we'll be unstoppable 💪
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Kavya N
Good to see focus on climate action plans at province level. Local solutions work best - what works in Rajasthan won't work in Kerala. Hope states get enough funding and autonomy for this.
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Michael C
As an expat in India, I'm amazed by the digital transformation here. The Jan Dhan scheme bringing millions into banking system is remarkable. Excited to see how India leads in sustainable finance next!
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Vikram M
While we celebrate achievements, let's not forget the challenges - extreme weather events are increasing and affecting farmers badly. Need more focus on climate adaptation along with mitigation.

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Nirmala Sitharaman India sustainable development Global South climate finance SDGs