Union Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Sanjay Malhotra co-chaired the BRICS Finance Ministers and Central Bank Governors meeting in Jaipur on August 12-13, with the RBI Governor highlighting the crucial role of central banks in maintaining price and financial stability.
The Governor emphasised the importance of cooperation among central banks in building a resilient, efficient and inclusive financial system, the RBI said in a post on X.
He also acknowledged the work undertaken through central bank workstreams in key areas, including information security, fintech, cross-border payments, sustainable finance, capacity building and the Contingent Reserve Arrangement.
On the sidelines of the meeting, Sitharaman held a bilateral discussion with Indonesia’s Vice Minister of Finance Juda Agung on August 12.
The two sides discussed financial sector development, greater cooperation in international financial services, knowledge exchange on establishing and operating financial centres, the India-Indonesia Economic and Financial Dialogue, stronger trade ties and local currency transactions.
Sitharaman also highlighted the progress in bilateral relations following recent high-level visits between the two countries. The Finance Ministry said she noted that Prime Minister Narendra Modi’s State Visit to Indonesia last month had taken the India-Indonesia Comprehensive Strategic Partnership into its “golden era”.
The discussions also covered cooperation in multilateral institutions, with both sides agreeing that India and Indonesia, as members of the Global South, should continue working closely in such forums.
Agung appreciated India’s strong economic growth and resilience, while both sides stressed the need to sustain growth amid global uncertainties.
They also underlined the importance of structural reforms, continued infrastructure investment and Digital Public Infrastructure in strengthening macroeconomic stability.
-ANI
