Finance Minister Nirmala Sitharaman reviews progress under India’s BRICS Finance Track as finance ministers and central bank governors prepare to meet in Mumbai on September 9-10.
Union Finance and Corporate Affairs Minister Nirmala Sitharaman has reviewed India’s priorities under the BRICS Finance Track ahead of a crucial meeting of BRICS finance ministers and central bank governors in Mumbai on September 9-10. The meeting comes as India prepares for the 18th BRICS leaders’ summit to be held later this month in New Delhi.
Sitharaman chaired a review meeting with senior officials from the Department of Economic Affairs on Monday to assess the progress made under the Finance Track and discuss preparations for the upcoming Mumbai gathering. The Ministry of Finance shared details of the review in a post on X, highlighting the government’s focus on ensuring that the outcomes of discussions held so far are effectively carried forward.
The Mumbai meeting will be an important platform for BRICS countries to discuss financial cooperation, global economic challenges and steps to improve resilience among member economies. It will also mark one of the last major Finance Track meetings before BRICS leaders gather in the national capital to hold the leaders’ summit.
With this in mind, India will host the BRICS activities in 2026 under the theme of “Building for Resilience, Innovation, Cooperation and Sustainability.” This is in line with New Delhi’s overall focus on building economic resilience, innovation, and strengthening cooperation between member states as well as the current situation in the world financial system.
The discussions in Mumbai take place after the BRICS Finance Ministers and Central Bank Governors meeting held in Jaipur in August. Sitharaman and Reserve Bank of India Governor Sanjay Malhotra were among the Indian representatives. The Jaipur meeting focused on international economic cooperation and the financial priorities of BRICS economies.
One of the things that is also being looked at in Finance Track is the mobilisation of private capital. BRICS economies account for a large share of global economic activity and share the common challenge of securing sufficient private investment for infrastructure, development and other growth-oriented projects.
Sitharaman also spoke at a seminar held alongside the Jaipur meeting on August 12 in order to highlight the magnitude of the challenge for BRICS countries to attract private funding. She said while BRICS economies are the engine for global growth, they are still beset by structural barriers to the mobilisation of private capital at scale.
The New Development Bank has also been examined as part of efforts to expand financing opportunities for member economies. Ideas have been discussed for how the institution could potentially contribute to development financing and increase the level of private investment.
The Mumbai meeting is therefore expected to build on the work done during the Jaipur discussions and assess progress across the Finance Track. The review chaired by Sitharaman will be intended to make sure that key aspects are well-prepared for consideration by the participating finance ministers and central bank governors.
The meeting is more than a brief financial meeting, too, but one that has a big significance because of its timing. The September 9-10 meeting will take place just two days before the BRICS leaders’ summit that is being held in New Delhi from September 12-13. The BRICS leaders’ summit will take place at Bharat Mandapam and will bring together leaders of BRICS member countries for high-level discussion on economic, strategic and global issues.
The Finance Track is traditionally critical to the preparation of economic and financial recommendations for the leaders at the top level. Thus the outcomes of the Mumbai meeting may be useful in the broader conversation and priorities which will inform the agenda for the 18th BRICS Summit.
As India approaches the end of its BRICS chairmanship in 2026, the Mumbai meeting will be closely watched for economic cooperation, development financing, private capital mobilisation and efforts to make the world economy more resilient. Sitharaman’s review underscores the government’s efforts to consolidate the work completed during the year and ensure that India’s Finance Track priorities are reflected in the final talks before the leaders’ summit.
