Nirmala Sitharaman, the Indian Finance and Corporate Affairs Minister, said that India is on the path of becoming a self-reliant economy and has mitigated the negative effects of the pandemic. India’s well-targeted policy mix, accompanied by major structural reforms and a solid external balance sheet, have helped it remain resilient to exogenous threats under the leadership of Prime Minister Narendra Modi.
In a video conference from New Delhi today, Mrs. Sitharaman addressed the 7th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB). As she addressed the theme ‘Financing Infrastructure in a Crisis-Prone World’, Mrs. Sitharaman praised AIIB’s commitment to help members and for providing high-quality development financing. Furthermore, she noted that India’s Digitalization Mission is helping to boost financial inclusion and facilitate social protection.
In addition, she highlighted that Prime Minister Narendra Modi is actively leading India’s climate change response efforts through various programs, including Lifestyle for Environment. AIIB’s Board of Governors meets each year at the Annual Meeting to make key decisions related to its future. In addition to being a founding member, India is the second largest shareholder of AIIB. Additionally, India has the largest portfolio of projects within AIIB. At this year’s Annual Meeting, the theme was ‘Sustainable Infrastructure Toward a Connected World’.