Work Together to Find Solutions for the Challenges that Engulfs the Financial Sector – Dr. Karad, Minister of State

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Dr. Bhagwat Kishanrao Karad, Hon’ble Minister of State for Finance, Government of India, while inaugurating the BRICS Financial Forum organized by Export-Import Bank of India (India Exim Bank) advised the participating development banks from BRICS nations to come together and work towards finding solutions to the challenges which engulfs the financial sector.

Dr. Karad added that the cumulative experience of all the 5 institutions under the BRICS Interbank Cooperation Mechanism could be around 200 years – and this calls for utilising their age-old experience to find solutions to address the challenges – from climate change to facilitating trade and investments in a manner which promotes harmony and mutual growth, for the larger good of nations”.

Speaking on the theme of “Promoting Economic Growth and Prosperity through BRICS Financial Cooperation” Dr. Karad stated that the developmental narrative for each nation is different which shape their policy priorities and define the future course, but there remain intertwined challenges which cannot be delinked, and it is in this context that the theme for the BRICS Financial Forum is highly relevant especially amidst the ongoing pandemic globally.

“BRICS must use this chance to take a roadmap, leading to development-centred globalisation. This will allow more inclusive socio-economic progress,” Karad said speaking at the annual BRICS Financial Forum.

While delivering the Special Address, the President of New Development Bank (NDB), Mr. Marcos Troyjo stated that there are plenty of opportunities for financial cooperation among BRICS development banks, and with the NDB. Mr. Troyjo added that NDB has approved financing for around 80 infrastructure and sustainable development projects in BRICS nations, totaling portfolio of about US$ 30 billion; Of which over US$ 9 billion of this financing has gone towards fighting the effects of Covid-19 across member countries. Mr. Troyjo further added that the Board of Governors of NDB have approved the admission of United Arab Emirates, Uruguay and Bangladesh, as the first new member countries to join the NDB, in line with the strategy to be positioned as a premier institution for emerging economies.

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Welcoming the delegates, Ms. Harsha Bangari, Managing Director, India Exim Bank highlighted the need for the BRICS economies to collaborate, especially amidst the pandemic, to share and learn from the best practices and measures that respective national governments of BRICS countries, and member institutions of the ICM, are taking to re-boost and re-energize our economies out of this crisis.  “As member development banks of the BRICS nations, we must continue to collaborate, through emphasis on innovation and sharing of our expertise. While ideas are the first step towards transformation, collaboration among parties is imperative for effective action to take place” – Ms. Bangari said.

During India’s Chair of BRICS Forum, India Exim Bank brought out a compendium of research papers, titled “Enhancing BRICS Cooperation: Way Forward”, covering the potential for BRICS cooperation in the fields of trade, investment, and finance.

The Bank also announced and presented India Exim Bank’s BRICS Economic Research Annual Award 2021. Dr. Rahul Singh, who was declared as the winner of the Award for his doctoral thesis titled “Essays in International Trade in Post Liberalization India”, was felicitated in the function.

This event was attended by hundreds of participants from across the globe, including member countries of BRICS.