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Informist, Wednesday, Aug. 12, 2026

 

NEW DELHI – Finance Minister Nirmala Sitharaman and Economic Affairs Secretary Anuradha Thakur Wednesday pitched for a framework that ensures sustained private participation across all the BRICS nations, with Sitharaman emphasising that the future of development finance lies in partnership.

 

BRICS economies represent major growth engines of the global economy, but they also face common structural constraints in mobilising private capital at scale, the finance minister said. "The challenge is not merely the availability of capital, but the creation of confidence, stability, predictability, and credible long-term frameworks which are essential to unlock sustained private participation across member countries," the finance ministry quoted her as saying in a post on X.

 

India currently holds the BRICS presidency. The bloc's other founding members are Brazil, Russia, China, and South Africa. The group was expanded in 2024 to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates. The grouping aims to promote unified perspectives of emerging economies at multilateral forums. Sitharaman and Thakur are participating in the BRICS Finance Ministers' and Central Bank Governors' meeting in Jaipur.

 

In a seminar on the sidelines of the meeting, Sitharaman highlighted the critical role multilateral development banks play in de-risking investments, enhancing project bankability, and strengthening investor confidence so that private capital can be mobilised at scale. During India's G20 presidency in 2023, India advocated for strengthening multilateral development banks to help deal with contemporary economic conditions.

 

Lauding India's public capital expenditure, Sitharaman said public investment has expanded significantly compared to a decade ago, reflecting a deliberate strategy to create productive national assets across highways, railways, ports, logistics systems, digital infrastructure, and energy networks. The Narendra Modi-led government has pushed the accelerator hard on capital expenditure to drive growth. The Budget for the financial year 2026-27 (Apr-Mar) has projected the government's capital expenditure at INR 12.21 trillion, up over six times compared to the capital expenditure in FY15.

 

Sitharaman said the government believes that public capital must act as a catalyst and not a substitute for private investment. In support of this principle, the government has carried out multiple reforms like the National Infrastructure Pipeline.

 

Thakur, who also addressed the seminar, said capital mobilisation cannot depend solely on favourable conditions and must be anchored in frameworks that endure. "Strengthening such frameworks is where multilateral collaboration can add lasting value."  End

 

Reported by Priyasmita Dutta

Edited by Shubhayan Bhattacharya

 

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