Finance Minister Sitharaman begins Spain, Portugal and Brazil visit to showcase India's growth story

New Delhi, June 30 (IANS) Union Finance Minister Nirmala Sitharaman began an official visit to Spain, Portugal and Brazil from Monday to July 5 (Saturday), the Ministry said on Monday.

She is leading the Indian delegation from the Department of Economic Affairs under the Ministry of Finance.

As part of her visit to Seville, Spain, the Finance Minister will attend the fourth International Conference on Financing for Development (FFD4), organised by the United Nations, and deliver a statement on behalf of India.

Finance Minister Sitharaman will also participate and deliver a keynote address at the International Business Forum Leadership Summit on "From FFD4 Outcome to Implementation: Unlocking the Potential of Private Capital for Sustainable Development," in Seville.

On the sidelines of the event, Finance Minister Sitharaman will meet senior Ministers from Germany, Peru and New Zealand, and the European Investment Bank (EIB) President Nadia Calvino, according to the official statement.

As part of her visit to Lisbon, Portugal, she is expected to have a bilateral meeting with Portugal's Finance Minister Joaquim Miranda Sarmento, besides interacting with prominent investors and members of the Indian diaspora.

In Rio de Janeiro, the Finance Minister will address the 10th Annual Meeting of New Development Bank (NDB) as India's Governor and also attend the BRICS Finance Ministers and Central Bank Governors Meeting.

As part of the NDB meetings, Finance Minister Sitharaman will also deliver an address during the NDB Flagship Governors' Seminar on "Building a Premier Multilateral Development Bank for the Global South".

On the sidelines of the NDB meetings, the Finance Minister will hold bilateral meetings with her counterparts from Brazil, China, Indonesia and Russia, according to the Ministry.

The visit comes at a time when India is likely to see a GDP growth of 6.5 per cent in current fiscal (FY26) due to robust domestic demand, a normal monsoon and monetary easing, a report by S&P Global Ratings said.

Domestic demand resilience is particularly relevant in limiting the economic slowdown in economies less exposed to goods exports such as India.

"We see India's GDP growth holding up at 6.5 per cent in fiscal 2026 (year ending March 31, 2026). That forecast assumes a normal monsoon, lower crude oil prices, income-tax concessions and monetary easing," said the report covering Asia-Pacific economies.

--IANS

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