Union Minister for Finance Nirmala Sitharaman attended first BRICS Finance Ministers and Central Bank Governors meeting under the BRICS Russian Chairmanship on Monday.
The agenda of the meeting targeted discussions on the outcomes of the G20 Saudi Presidency by this year, which is a digital platform to encourage infrastructure investments and expansion of New Development Bank membership.
In the BRICS meeting, India supported the expansion of the New Development Bank’s membership, set up by the country and other BRICS nations. It emphasized on importance of regional balance.
Sitharaman stated that G20, of which all BRICS countries are members, delivered some very significant initiatives this year, including G20 Action Plan in response to Covid-19, which provided broad guidance to navigate collective global response to the crisis.
Additionally, G20 Debt Service Suspension Initiative ensured immediate support to address low-income countries’ liquidity needs.
Sitharaman further noted that BRICS members had played an essential role in ensuring that emerging economies’ concerns are appropriately reflected in these initiatives.
On taxation of the digital economy
On ongoing international efforts to find solution to the issue of taxation of the digital economy, Sitharaman said that a consensus solution would play an essential role in ensuring fairness, equity, as well as sustainability of taxation systems.
The BRICS Finance Ministers and the Central Bank Governors also discussed regarding expansion of membership of New Development Bank.
Finance Minister supported expansion of the membership of NDB and threw light on the importance of regional balance.
She also shared her perspective on Russia’s initiative to develop an integrated Digital Platform.
The release said that the Finance Minister further noted that BRICS members had played an essential role in ensuring that emerging economies’ concerns are appropriately reflected in these initiatives.