‘India’s Growing Economy’: Sitharaman Says US And China Can’t Overlook Economic Might

Union Finance Minister Nirmala Sitharaman emphasized India’s growing global influence, underscoring that with one in every six persons in the world being Indian, the country’s economy and capabilities cannot be overlooked. She made these remarks during a panel discussion on “Bretton Woods Institutions at 80: Priorities for the Next Decade,” organized by the Center for Global Development on the sidelines of the World Bank and IMF Annual Meetings 2024.

India’s Rising Global Role

Sitharaman stressed that no country, including distant nations like the United States or neighboring powers like China, can afford to ignore India. She attributed this to India’s vast population, rapidly growing economy, and the country’s expertise in various sectors. “Today, one in every six people in the world is Indian. You cannot ignore our economy and the way it is growing,” she stated.

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Sitharaman pointed to India’s skilled workforce, which plays a pivotal role globally, from running large corporations to managing complex systems. She also highlighted India’s technological leadership, particularly in areas like refining systems and banking, which further cements the country’s indispensable role in global affairs.

Support for Multilateral Institutions

Sitharaman reiterated India’s long-standing support for multilateral institutions like the World Bank and IMF, stressing that India never aimed to undermine these entities. However, she expressed concern about their current relevance, citing the diminishing effectiveness of multilateral institutions in providing solutions.

India, she noted, has always championed strategic and peaceful multilateralism, adding, “We see the hope and the expectations pinned on multilateral institutions fissure away because we think no solutions are coming out of them.”

The Need for Reform and Information Sharing

The Finance Minister called for these institutions to step up, urging them to leverage their wealth of information and expertise to share timely insights with countries. Sitharaman emphasized the need for these organizations to help build strong institutions globally, rather than tearing them down, as part of a strengthened commitment to multilateralism.

Sitharaman also stressed the role of the Bretton Woods institutions in shaping the future, rather than merely reacting to it. “Shaping the future is an ambitious goal, and we need Bretton Woods institutions to work on that, rather than reacting to future developments,” she remarked.

India’s Contributions to Global Initiatives

Highlighting India’s contributions to global efforts, Sitharaman mentioned several initiatives, including the International Solar Alliance, the Biofuel Alliance, and disaster-resilient infrastructure. These initiatives, she noted, require significant funding and international cooperation, especially for smaller and island economies.

India’s digital public infrastructure, which has been publicly funded and shared with other countries, is a prime example of how India is contributing to global development, according to Sitharaman.

In her closing remarks, Sitharaman reiterated India’s commitment to multilateralism and urged the Bretton Woods institutions to strengthen themselves for the global good. She stressed the importance of information sharing and proactive leadership in shaping the future.

Sitharaman’s visit to Washington, DC, was part of her larger trip to the United States, where she was welcomed by India’s Ambassador to the US, Vinay Kwatra, after arriving from New York.