Nirmala Sitharaman, the finance minister, reaffirmed the need for a robust Asian Development Bank (ADB) that pursues a transformative rather than incremental approach for resilient and sustainable regional development on Thursday.
She said, “We need a robust Asian Development Bank that adopts a transformational rather than incremental approach for sustainable and resilient regional development.” She went on to highlight how the world is going through an age of “resets” involving things like fuel, food, debt, fertiliser, energy, supply chains, fiscal stability, sustainability, etc. Sitharaman is in town for the 56th ADB annual conference. India was a founding member and the fourth-largest stakeholder of the multilateral finance organisation, which was established in 1966 with the goal of fostering an Asia Pacific region that was wealthy, inclusive, and sustainable.
She said at the ADB Board of Governors meeting that the spirit and theme of India's G20 Presidency, “One Earth, One Family, One Future,” resonates strongly with the annual conference's subject, “Rebounding Asia: Recover, Reconnect and Reform.” Both themes suggest that in order to fulfil our common objectives and obligations, we must act as a unit and work together, she said. She said that in the post-Covid world, the aspirations of people for sustainable development financing across developing member countries (DMCs) need ADB to align to additional resources and operational efficiency.