Statement by H.E. Ms. Anuradha Thakur, the Secretary, Department of Economic Affairs of the Minister of Finance of the Republic of India and the Alternate Governor for India to NDB at the Opening Ceremony of the 11th Board of Governors Annual Meeting

Hon’ble President of the New Development Bank,

I would like to thank the Russian Federation for hosting the 11th Annual Meeting of the Board of Governors of the New Development Bank here in Moscow, and for the excellent arrangements.

Economic history has long been shaped by periods of deep structural change. What distinguishes the present moment is the convergence of multiple transitions—shifts in global economic balances, rapid technological change, demographic changes, climate pressures, and evolving patterns of interdependence—unfolding simultaneously and at an accelerated pace. Together, these forces are redefining production systems, public service delivery, financial markets, and labour dynamics across the world.

For emerging markets and developing countries, this phase of transformation presents both opportunity and risk. It can accelerate productivity, inclusion, and sustainability. At the same time, unequal access to resources, fragmented markets, and limited domestic capacities can widen development gaps and deepen vulnerabilities. The challenge before us is to ensure that these shifts become drivers of inclusive, resilient, and sovereign development, rather than a source of new divides.

India’s development experience highlights the importance of treating core drivers of growth as public goods. Through large-scale investments in digital public infrastructure, financial inclusion, renewable energy, and innovation ecosystems, we have made a consistent effort to expand access, deliver services at scale, and empower citizens and enterprises. We have complemented these initiatives with sustained investments in physical infrastructure, manufacturing capacity, and human capital—to ensure that ongoing transformations translate into jobs, productivity, and long-term growth.