Union Minister For Finance & Corporate Affairs Smt. Nirmala Sitharaman Delivers Keynote Address At Seminar On “Role Of The New Development Bank In Mobilising Private Capital In Member Countries” In Jaipur.

New Delhi, Delhi, 12th of August, 2026 : Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman delivered the Keynote Address at the Seminar on “The Role of the New Development Bank in Mobilising Private Capital in Member Countries”, on the sidelines of the BRICS Finance Minsters’ and Central Bank Governors (FMCBG) Meeting, being held in Jaipur, today.

H.E. Ms. Dilma Rousseff delivered a special address, with participation of Ms. Anuradha Thakur, Secretary, D/o Economic Affairs (DEA), Ministry of Finance; and Mr. Vijay Sankar, Senior Vice President, FICCI.

In her Keynote Address, the Union Finance Minister set the context by highlighting the critical role the Multilateral Development Banks play in de-risking investments, enhancing project bankability, and strengthening investor confidence so that private capital can be mobilised at scale.

Speaking of India’s experience, Smt. Sitharaman said that Government of India has strengthened its infrastructure ecosystem through sustained public capital expenditure and complementary structural reforms. Public investment has expanded significantly compared to a decade ago, reflecting a deliberate strategy to create productive national assets across highways, railways, ports, logistics systems, digital infrastructure, and energy networks, She said.

FM Smt. Sitharaman stated that the Government of India believes that public capital must act as a catalyst — not a substitute for private investment, and in support of this principle, Government of India has carried out multiple reforms:

• Viability Gap Funding (VGF) to support financially constrained but socially desirable projects;
• Hybrid Annuity Model (HAM) to ensure balanced risk-sharing in road infrastructure.
• Credit enhancement mechanisms to improve project bankability;
• Infrastructure Investment Trusts (InvITs) to recycle capital and attract long-term institutional investors;
• The National Infrastructure Pipeline, providing long-term visibility to investors;
• PM Gati Shakti – National Master Plan for Multimodal Connectivity, improving coordination and efficiency

Building on this foundation, the Union Finance Minister informed that the Union Budget 2026-27 introduced several targeted measures to facilitate private sector investment including:

• New Dedicated Freight Corridors
• New High-Speed Rail Corridors
• To operationalise new National Waterways, and
• A Coastal Cargo Promotion Scheme

FM Smt. Sitharaman recognised that while BRICS economies represent major growth engines of the global economy, they also face common structural constraints in mobilising private capital at scale. The challenge is not merely the availability of capital, but the creation of confidence, stability, predictability, and credible long-term frameworks which are essential to unlock sustained private participation across member countries.

The Union Finance Minister concluded her Keynote Address by emphasising that the future of development finance lies in partnership. multilateral institutions, national governments, and the private sector each bring distinct strengths.

In her welcome address earlier, Secretary, D/o Economic Affairs, Smt. Anuradha Thakur stated that the seminar being today is particularly relevant as development finance moves into a phase where scale must be matched with resilience. Capital mobilisation cannot depend solely on favourable conditions; it must be anchored in frameworks that endure. Strengthening such frameworks is where multilateral collaboration can add lasting value.

The seminar brought together senior policymakers, multilateral institutions and private-sector leaders, and was followed by a deep-dive panel discussion by IRDAI Chairman Shri Ajay Seth; NDB Vice-President Mr. Roman Serov; Mr. Alessandro Teixeira from the Sertrading; Tencent Senior Advisor Mr. Yongping Zhai; Mr. Pankaj Sindwani from the Tata Capital Decarbonisation Fund; and along with other representatives from BRICS countries, financial institutions, think tanks and academia.