इंडियन आवाज़     04 Mar 2024 08:38:37      انڈین آواز

BRICS should come together to fund sustainable development goals: Jaitely


jaitelyUnion Finance Minister Arun Jaitley today said that targets set by SDG (sustainable development goals) are huge and individual country does not have adequate resources. He said that BRICS nations should come together as one country, alone cannot fund for sustainable development.

Addressing the BRICS Finance Ministers Roundtable held in Goa today, Mr. Jaitley said there is also need to mobilse PPP (Public private partnership) in BRICS. The Minister added that Public investment has played big role in India’s growth. He said resources can be mobilised at domestic level by levying taxes besides resources mobilisation can also be done from within BRICS.

The Finance minister said because of capital constraint at World Bank, New Development bank (NDB) can discuss with World Bank and the money available in these emerging Economies can be channelized for green development.

He said the World Bank can leverage its balance sheet. NDB was established in July 2014 to extend loans initially to its five founding members Brazil, Russia, India, China and South Africa. New Development Bank is now open to offering long term funding to emerging economies to meet aspirations of countries for sustainable development. The roundtable also deliberated on topics such as BRICS role in international governance on Financing for development in areas of international taxation and illicit flows, long term growth prospects in BRICS and issues of priority lending for industrialisation, infrastructure finance, trade finance and green finance besides strengthening BRICS cooperation in the context of the above.

Earlier today, a panel discussion led by RBI Governor Dr. Urjit Patel was also organised during the BRICS seminar in Goa. The panellists held discussions on topics including BRICS toolkit for crisis mitigation – lessons for the global financial architecture, BRICS role in global norm setting for responsible business and Finance and Monetary and Macroeconomic Framework for the BRICS.

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