FM Sitharaman Calls for Stronger Private Capital Mobilisation at BRICS NDB Seminar in Jaipur

What Happened?

On 12 August 2026, Union Finance and Corporate Affairs Minister Nirmala Sitharaman delivered the keynote address at a seminar titled "The Role of the New Development Bank in Mobilising Private Capital in Member Countries," held on the sidelines of the BRICS Finance Ministers' and Central Bank Governors' (FMCBG) Meeting in Jaipur. New Development Bank (NDB) President Dilma Rousseff delivered a special address at the seminar.

Key Highlights

• Sitharaman called for stronger, stable and predictable frameworks to encourage sustained private investment across BRICS economies
• She cited Union Budget 2026-27 measures such as new Dedicated Freight Corridors, High-Speed Rail Corridors, and a Coastal Cargo Promotion Scheme as steps to boost private investment
• The seminar featured a panel with IRDAI Chairman Ajay Seth and NDB Vice-President Roman Serov

Why It Matters

BRICS cooperation and the role of the New Development Bank are important topics under TNPSC International Relations, especially regarding multilateral development finance institutions.

Important Facts

TNPSC MCQs

1. In which city was the BRICS Finance Ministers' and Central Bank Governors' Meeting 2026 held?
   a) New Delhi b) Jaipur c) Mumbai d) Chennai
   Answer: b) Jaipur
   Explanation: The BRICS FMCBG Meeting and the associated NDB seminar were held in Jaipur.
2. Who is the President of the New Development Bank (NDB) as of August 2026?
   a) Dilma Rousseff b) Nirmala Sitharaman c) Ajay Seth d) Roman Serov
   Answer: a) Dilma Rousseff
   Explanation: Former Brazilian President Dilma Rousseff serves as NDB President and addressed the seminar.
3. The New Development Bank (NDB) was established by which grouping of countries?
   a) G7 b) BRICS c) SAARC d) ASEAN
   Answer: b) BRICS
   Explanation: The NDB is a multilateral development bank established by BRICS nations.