Finance minister Nirmala Sitharaman held a series of high-level bilateral meetings with counterparts from Russia, China, Brazil and Indonesia in Rio de Janeiro, reaffirming India's commitment to strengthening cooperation with fellow Brics nations and key emerging economies.
The discussions took place on the sidelines of the Brics finance ministers and Central Bank governors meeting.
In her meeting with Russian finance minister Anton Siluanov, Sitharaman expressed gratitude for the support extended by President Vladimir Putin after the recent terror attack in Pahalgam.
Both leaders reaffirmed the strength of the India-Russia partnership, with Sitharaman describing the relationship as one of "exemplary mutual trust and understanding."
They reviewed bilateral financial sector cooperation and matters related to the New Development Bank (NDB).
Sitharaman also met her Chinese counterpart, Lan Fo’an, where both sides discussed strengthening collaboration across sectors, rooted in shared civilisational links and expanding economic clout.
According to the finance ministry's post on X, the two ministers recalled their last interaction in Samarkand in 2024 and agreed that India and China are “uniquely positioned to drive inclusive global growth and innovation.”
Sitharaman emphasised that deeper engagement could amplify the voice of developing economies and help shape narratives aligned with the priorities of the Global South.
In her discussion with Thomas Djiwandono, vice finance minister of Indonesia, Sitharaman reiterated India’s eagerness to host the next India-Indonesia Economic and Financial Dialogue.
She thanked Indonesia for their solidarity following the Pahalgam attack and engaged on topics including Brics, UPI, RuPay, G20, FinTech, and financial markets,
ANI reported.
During her meeting with Brazilian finance minister Fernando Haddad, Sitharaman discussed bilateral issues such as climate finance, COP30, and collaborative efforts in global institutions like the United Nations, WTO, Brics and G20.
She appreciated Brazil’s leadership during its Brics Chairship and reaffirmed India's support for Brazil’s multipolar world agenda. India is set to take over the Brics Chairship in January 2026.
The finance ministry said the two leaders emphasised furthering South-South cooperation and acknowledged the warm ties between India and Brazil. Sitharaman noted that the two countries are “strategic partners” collaborating across sectors.
Earlier, Sitharaman also addressed the board of governors of the New Development Bank (NDB), where she underlined the importance of collective and decisive action by the Global South amid global fiscal and geopolitical uncertainties.
She said multilateral development banks (MDBs) like the NDB have a vital role in tackling emerging challenges by offering “technical expertise, concessional financing, and effective risk mitigation tools.”
The minister concluded that India's growing global role, especially within multilateral frameworks like Brics and the NDB, will continue to focus on pragmatic cooperation and inclusive development, particularly for the Global South.
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