Finance Minister Nirmala Sitharaman, speaking at the ‘Governors Seminar’ in Rio de Janeiro, highlighted India’s ability to combine rapid development with inclusive and sustainable growth. She emphasized that India is not only leading its own transformation but also serving as a model for other emerging economies in the Global South.

Addressing the seminar on “Challenges for Financing Sustainable Development for the Global South”, Sitharaman said financing sustainable goals is not just about raising capital, but about fostering fairness, trust, and global leadership.

“For India, accelerating development means delivering housing, healthcare, education, and livelihoods for millions — while tackling growing climate risks such as heatwaves, water stress, and extreme weather,” she said.

Sitharaman noted that the post-pandemic world has seen the financing gap for Sustainable Development Goals (SDGs) in developing nations balloon to over $4.2 trillion annually. She stressed that the challenge lies not in choosing between development and sustainability, but in designing inclusive policies through global partnerships.

Highlighting India’s successful policy initiatives, she pointed to transformative platforms like Aadhaar, UPI, Jan Dhan, Gati Shakti, and the National Green Hydrogen Mission. India has also installed over 220 GW of renewable energy capacity as part of its green energy transition.

She also underscored India’s growing focus on green finance, with sovereign green bonds, ESG disclosure mandates, and a proposed taxonomy for climate-aligned investments.

“India has demonstrated how scale and speed can go hand-in-hand,” she said, adding that the country is creating a resilient, innovation-driven financial ecosystem that supports both development and climate goals.