New Delhi, Apr 6 (Agency) Finance Minister Nirmal Sitharaman on Tuesday emphasised the importance of policy support and enhancing international coordination in responding to the COVID-19 crisis. Addressing the BRICS Finance Ministers and Central Bank Governors virtually, underscored the merit in engaging with private sector and exploring the innovative financing models. Sitharaman stated that the Prime Minister’s Health Insurance Scheme using an output-based funding model has triggered a major private investment cycle in healthcare infrastructure, enabling significant expansion of healthcare services to vulnerable citizens.
She highlighted that world’s largest vaccine drive by India is under way. India has supplied 64.5 million vaccine doses to 84 countries. The finance minister talked about thematic priorities for New Development Bank for discussion during 2021 and the issues of membership expansion. Sitharaman also called for greater coordination among BRICS member countries on the issues of 16th general review of Quotas of IMF. Quotas are a key determinant of the voting power in IMF decisions. As 2021 BRICS Chair, India’s approach is focused on strengthening intra-BRICS cooperation based on Continuity, Consolidation and Consensus. This was the first meeting of the BRICS Finance Ministers and Central Bank Governors under India Chairmanship in 2021.
They discussed financial cooperation agenda set by India for 2021 – Global Economic Outlook and Response to COVID-19 pandemic, New Development Bank (NDB) Activities, Social Infrastructure Financing and Use of Digital Technologies, Cooperation on Customs related issues, IMF reforms, Fintech for SMEs and Financial Inclusion, BRICS Rapid Information Security channel and BRICS Bond Fund. On the BRICS priorities and agenda for 2021, the Finance Minister informed that the efforts should be made towards delivering outcomes that reflects the needs and aspirations of BRICS in particular and emerging markets and developing economies in general.