Nirmala Sitharaman calls on multilateral banks to lay BRICS for private infra investment

Finance Minister Nirmala Sitharaman emphasized that BRICS economies, despite being key growth engines, face structural challenges in mobilizing private capital. The issue extends beyond capital scarcity to creating a conducive environment for private sector involvement, such as project confidence, predictable policies, and long-term frameworks.

Speaking at a seminar on the Role of the New Development Bank in Mobilising Private Capital in Member Countries, Sitharaman highlighted the role of multilateral development banks in mitigating risks, enhancing project credibility, and boosting investor confidence. India, currently holding the BRICS presidency for 2026, noted the need for significant private investment in infrastructure to supplement public capital.

In January, the finance ministry unveiled a three-year pipeline of infrastructure projects worth over ₹17 lakh crore, intended for development through public-private partnerships. As of March 2025, this pipeline encompassed 13,000 projects with an estimated value of ₹185 lakh crore, according to an ICRA report. Sitharaman also stressed the importance of BRICS members collaborating for resilient, inclusive, and sustainable growth, translating their cooperation into tangible results during the BRICS finance ministers and central bank governors meeting in Jaipur.