Economic growth likely to be robust at 8.9% in FY22: Finance Minister

The statement was made at the 7th Annual Meeting of the Board of Governors of New Development Bank (NDB)

May 20, 2022

The country’s high growth rate will continue over the next financial year as well: Sitharaman

The meeting was attended by Governors/Alternate Governors of Brazil, China, Russia, South Africa, Bangladesh, and United Arab Emirates (UAE)

NDB has effectively established itself as a trusted partner for developing market nations: Finance Minister

The NDB was established in 2014 by the BRICS group of countries

India’s economic growth is likely to be robust at 8.9% in FY22, according to Finance Minister Nirmala Sitharaman at the 7th Annual Meeting of the Board of Governors of the New Development Bank (NDB). She also stated that the country’s high growth rate will continue over the next financial year as well.

The minister stated that the NDB has effectively established itself as a trusted partner for developing market nations while emphasizing the necessity of multilateralism and the spirit of global collaboration for economic recovery.

This year’s theme for the Annual Meeting was ‘NDB: Optimising Development Impact’. The Annual Meeting of the NDB, which was hosted by India this year, was held through a virtual conference due to the ongoing pandemic, according to the statement. 

The meeting was attended by Governors/Alternate Governors of Brazil, China, Russia, South Africa, and of the newly joined members: Bangladesh and United Arab Emirates (UAE).

The NDB was established in 2014 by the BRICS (Brazil, Russia, India, China, and South Africa)group of countries  with an initial subscribed capital of US$ 50 billion and total paid-in capital of US$ 10 billion.