India’s policy response to trade and financial restrictions has focused on diversifying markets, spurring infrastructure-led growth, and implementing structural reforms to bolster competitiveness and productivity, finance minister Nirmala Sitharaman said.
The minister made the statement in Rio de Janeiro where she was attending the BRICS Finance Minister and Central Bank Governors meeting, according to a finance ministry post on X on Monday.
Sitharaman underscored that India has demonstrated resilience through a combination of “strong domestic demand, prudent macroeconomic management, and targeted fiscal measures”.
The minister also highlighted that the Global South should not be expected to carry the main burden of climate action, although South-South cooperation remains vital in advancing climate and development goals. BRICS countries, she added, are well placed to deepen cooperation on sustainable development.
‘must lead by example’
She stressed India’s view that the BRICS grouping, comprising Brazil, Russia, India, China, South Africa and a few others, is a vital platform for advancing inclusive multilateralism.
When global institutions are “facing a crisis of legitimacy and representation, BRICS must lead by example by reinforcing cooperation, advocating credible reforms, and amplifying the voice of the Global South”, she said.
India’s stance on the BRICS, as articulated by Sitharaman, comes at a time when US President Donald Trump has warned that “any country aligning themselves with the anti-American policies of BRICS, will be charged an additional 10% tariff” without exception.
China, too, said on Monday that BRICS is an important platform for cooperation among emerging markets and developing countries and does not target any third country.
“It (BRICS) advocates openness, inclusiveness and win-win cooperation. It’s not a bloc for confrontation, nor does it target any country,” Chinese foreign ministry spokesperson Mao Ning said in a media briefing.
Days after announcing extra tariffs on dozens of countries, including key BRICS members, the US had in April paused the move for three months until July 9 to allow countries to get into trade deals with it.
