Leading a delegation of officials from India’s Department of Economic Affairs, Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, is set to hold bilateral discussions with leaders from Portugal, Spain, Brazil, New Zealand and Peru among other countries, on building strong strategic ties with India.
In Seville, Spain, the finance minister attended the International Business Forum Leadership Summit, titled, ‘From FFD4 Outcome to Implementation: Unlocking the Potential of Private Capital for Sustainable Development, where she talked about the importance of mobilising private capital for sustainable development, which has shown a growing trend in recent years owing to innovative financial instruments and traditional sources.
Highlighting the role of strong domestic financial systems in India, Sitharaman said the country has focused on strengthening its banking sector to support financing in infrastructure and industry.
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In a social media post, the minister wrote: “Private capital mobilisation remains significantly below what is required, with low and middle-income countries receiving a disproportionately small share. This underscores the urgent need for targeted efforts to overcome investment barriers and better align financial flows with development priorities.”
Talking about India’s regulatory frameworks offering investor protection and innovation, she said the frameworks have evolved with time to create an environment suited to long-term investment.
Sitharaman informed investors and industry representatives present at the summit that India completely transformed its renewable energy sector – from just 2.8 GW of solar energy in 2014, the country had expanded its capacity of solar energy production to over 110 GW.
She credited this achievement to setting of “clear national targets, streamlined procurement, and government-backed risk mitigation”.
“This model attracted institutional investors, including pension and sovereign wealth funds,” she said.
The finance minister also met Shane Reti, New Zealand’s Minister of Science, Innovation and Technology, Universities, Statistics, and Pacific Peoples, with whom she discussed strengthening ties in the sectors of defence, technology, education, and agriculture, especially since both the countries shared democratic values and strong inter-personal ties.
India’s growing International Financial Services Centre at GIFT City and the strong presence of Indian students pursuing higher studies in New Zealand was also discussed.
The Finance Minister met Germany’s Federal Minister for Economic Cooperation and Development, Reem Alabali-Radovan, whom she congratulated for her new role.
The two discussed India and Germany’s collaboration in areas such as green energy, urban mobility, sustainable urban development, and ecological livelihoods under the India-Germany Green and Sustainable Development Partnership.
Alabali-Radovan also expressed interest in deepening bilateral ties and enhancing cooperation with India.
Sitharaman would be visiting Lisbon, Portugal, where she is set to hold a meeting with the Portuguese Finance Minister as well as an interaction with the Indian diaspora and investors. In Brazil’s Rio de Janeiro, the finance minister will address the 10th Annual Meeting of the New Development Bank (NDB) and also participate in the BRICS Finance Ministers and Central Bank Governors Meeting.
Her official trip ends on July 5.
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