BRICS economies are among the major engines of global growth but face challenges in attracting private capital, Union Finance Minister Nirmala Sitharaman said, according to Akashvani. Speaking at a seminar in Jaipur on the role of the New Development Bank in mobilising private capital in BRICS member countries, Sitharaman said public capital should act as a catalyst for private investment, rather than a substitute for it.
Public capital as a catalyst, not a substitute
In remarks reported by Akashvani, Sitharaman said that beyond ensuring the availability of capital, it is equally important to build investor confidence, maintain stability and provide a predictable, long-term policy framework. The Finance Minister's comments underline the policy stance that public spending should crowd in private investment rather than replace it.
BRICS growth engine and private capital gap
Akashvani reported that Sitharaman described BRICS economies as among the major engines of global growth, while acknowledging that they also face challenges in attracting private capital. The report did not provide specific figures on investment flows or growth rates.
The role of multilateral development banks
The Finance Minister highlighted the role of multilateral development banks in:
- Reducing investment risks
- Making projects more financially viable
- Strengthening investor confidence
- Helping mobilise private capital on a larger scale
These functions, she said, are central to expanding the pool of private capital available to BRICS member countries.
India's infrastructure experience
Referring to India's experience, Sitharaman said the Central Government has strengthened the country's infrastructure through sustained public capital expenditure and structural reforms, according to Akashvani. This was presented as an example of how public investment can support broader economic development.
Seminar speakers and BRICS meeting context
The seminar also featured New Development Bank President Dilma Rousseff, who addressed the gathering, and Economic Affairs Secretary Anuradha Thakur, who said that increasing private capital participation is an important need in the current economic environment, the report said.
The event is being held as part of the BRICS Finance Ministers and Central Bank Governors' meeting in Jaipur, under India's BRICS Chairship 2026. Akashvani reported that the objective of the meeting is to strengthen cooperation on global economic and financial issues.
Key speakers and messages
| Speaker | Designation | Reported message |
|---|---|---|
| Nirmala Sitharaman | Union Finance Minister, India | Public capital should catalyse, not substitute, private investment; BRICS economies are major growth engines |
| Dilma Rousseff | President, New Development Bank | Addressed the seminar |
| Anuradha Thakur | Economic Affairs Secretary, India | Increasing private capital participation is an important need |
The seminar forms part of the wider BRICS Finance Ministers and Central Bank Governors' meeting, which brings together economic policymakers from member countries to discuss cooperation on global economic and financial matters.
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