India supports expansion of NDB membership at BRICS meet

India extended its support to the expansion of the membership of the New Development Bank.

India on Monday supported the expansion of the membership of the New Development Bank, set up by India and other BRICS nations, and emphasised on the importance of regional balance.

Participating in the 1st BRICS Finance Ministers and Central Bank Governors meeting under the BRICS Russian Chairmanship on Monday, Finance Minister Nirmala Sitharaman also said that a consensus solution will play an important role in ensuring fairness, equity and sustainability of tax systems.

"The Finance Minister supported the expansion of the membership of NDB and emphasised the importance of regional balance," an official statement issued after the meeting said. Brazil, Russia, India, China, South Africa, which make up for the BRICS group, are currently the members of the NDB.

The agenda of the meeting included discussions on the outcomes of G20 Saudi Presidency in 2020, a digital platform to encourage infrastructure investments and expansion of the membership of the New Development Bank.

Sitharaman observed that the G20, of which all BRICS countries are members, has delivered some very significant initiatives this year including the G20 Action Plan in response to COVID-19 which has provided broad guidance to navigate a collective global response to the crisis.

Additionally, the G20 Debt Service Suspension Initiative ensured immediate support to address the liquidity needs of low-income countries. She noted that BRICS members have played an important role in ensuring that concerns of emerging economies are appropriately reflected in these initiatives.

On the ongoing international efforts to find a solution to the issue of taxation of the digital economy, Sitharaman said that a consensus solution will play an important role in ensuring fairness, equity and sustainability of tax systems, the statement added.