Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in the virtual Global Convergence for Growth Summit from New Delhi on June 11, 2026. The summit was presided over by French President Emmanuel Macron and brought together leaders from G7 nations, India, Brazil, China, Kenya, South Korea, and the IMF to discuss supporting balanced growth within an efficient global framework.
During her intervention, Sitharaman emphasized that in today's interconnected world, the consequences of conflicts and uncertainty fall disproportionately on developing countries and the Global South, demanding coordinated global action. She called for strengthened multilateral cooperation to build resilient economies, accelerate sustainable development, and ensure inclusive growth that benefits all.
On global imbalances, Sitharaman noted that not all imbalances are alike, as some reflect differences in demographics, development stages, resource endowments, or economic structures. She argued that the focus should remain on excessive and persistent imbalances while recognizing varying domestic needs across countries. The Finance Minister stated that the burden of adjustment should not fall disproportionately on countries that are not drivers of these imbalances, noting that India and many developing economies remain peripheral to both the origination and propagation of global imbalances yet face their spillover effects.
Sitharaman highlighted India's remarkable economic progress through Prime Minister Narendra Modi's leadership and India's commitment to 'Reform, Perform, and Transform.' She stated that India's growth is primarily domestic-demand led with a largely market-determined exchange rate, and the country continues to be among the world's fastest-growing major economies with GDP growth projected to remain robust at around 7 percent over the medium term.
The Finance Minister emphasized the need to strengthen confidence in multilateral institutions and ensure they remain responsive to developing countries' needs. She called for better, bigger, more effective and more representative Multilateral Development Banks that can deliver significantly greater financing to developing countries and emerging economies, noting that enhancing their financing capacity, operational agility and responsiveness will be critical.
Sitharaman also stated that recent developments have highlighted the importance of resilient, diversified and geographically distributed supply chains, particularly for critical minerals. She suggested that focus on circularity, recycling and urban mining can address some of the sourcing challenges faced collectively by the world. India remains committed to working with all partners to build a more resilient, inclusive and prosperous global economy and to advance shared solutions for shared growth.