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India’s economic growth is expected to be robust at 8.9% in the current fiscal year: Fm Nirmala Sitharaman

India’s economic growth is expected to be robust at 8.9 percent for the current financial year, reflecting the country’s strong resilience and rapid recovery, Union Finance Minister Nirmala Sitharaman said on Thursday.

Sitharaman also expressed confidence that India will continue to achieve high growth rate in the next fiscal year as well, the finance ministry said in a statement.

Addressing the 7th Annual Meeting of the Board of Governors of the New Development Bank (NDB) via video conference, she stressed the importance of multilateralism and the spirit of global cooperation for economic recovery.

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The Minister acknowledged that the NDB has successfully established itself as a reliable development partner for emerging market economies and appreciated the progress made in setting up the India Regional Office at GIFT City in Gujarat.

The NDB will play an important and significant role in the development journey of its member countries in the coming decades, she added.

Due to the ongoing pandemic, this annual meeting of NDB which was hosted by India this year was held in virtual mode, the statement said, adding that this year’s theme for the annual meeting was “NDB: Optimizing development impact”, which is particularly relevant in the current global economic scenario.

“Underlining that India is celebrating 75 years of independence this year, the Minister of Finance mentioned that India’s economic growth in the current financial year has been robust and is estimated at 8.9%, which is the highest of any major economy,” he said.

The meeting was also attended by Governors/Alternate Governors from Brazil, China, Russia, South Africa and new members Bangladesh and the United Arab Emirates (UAE).

Established by the BRICS group of countries (Brazil, Russia, India, China and South Africa) in July 2014, NDB started operations a year later with an initial subscribed capital of 50 billion dollars and a total paid-up capital of 10 billions of dollars.

The bank’s objective is to mobilize resources for infrastructure and sustainable development projects in the BRICS and other emerging market economies and developing countries to complement the existing efforts of multilateral and regional financial institutions for the global growth and development.

The bank was operationalized in 2015, with its headquarters in Shanghai, China. Last year, NDB expanded its membership to four countries: Bangladesh, UEA, Egypt and Uruguay. NDB has so far approved 21 projects from India worth $7.1 billion.

First post: STI

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