NDB Appoints Dr Rajiv Ranjan as Vice President
The New Development Bank (NDB), founded by the BRICS nations—Brazil, Russia, China and South Africa—has appointed Dr Rajiv Ranjan as its vice president and chief risk officer. This appointment marks step in India’s growing influence in multilateral financial institutions. Dr Ranjan’s extensive experience in central banking and international finance is expected to enhance the NDB’s role in global development finance.
Dr Rajiv Ranjan’s Appointment and Background
Dr Rajiv Ranjan joined the Reserve Bank of India (RBI) in 1989. He has over 30 years of experience in central banking. Recently, he served as an executive director at RBI and was a member of the Monetary Policy Committee (MPC) since May 2022. His expertise covers monetary policy, liquidity management, risk assessment, and financial markets. Dr Ranjan has worked with major global institutions like the G20, IMF, World Bank, Bank for International Settlements (BIS), Financial Stability Board (FSB), OECD and SAARC.
India’s Role in the New Development Bank
India holds the second-largest project portfolio in the NDB, valued at $7.5 billion, just behind China’s $8.1 billion. The bank finances infrastructure projects in India such as metro rail systems, water management, clean energy, environmental protection and digital infrastructure. The NDB focuses on sustainable development goals and supports projects that improve public services and promote green growth.
India’s Push for Reforms in Multilateral Finance
India advocates for reforms in multilateral development banks to promote more inclusive and equitable financing. The emphasis is on unlocking private capital for development in the Global South. Union Finance Minister Nirmala Sitharaman has urged the NDB and other institutions to adapt lending practices that better serve emerging economies. This reflects India’s ambition to play a leadership role in global economic governance.
India’s Trade Challenges and Strategies
India faces challenges from the US tariffs that rose to 50 per cent on Indian goods. Despite this, the Government of India believes the impact will be limited due to the diverse nature of Indian exports. Trade negotiations with the US continue amid efforts to resolve tariff issues. Additionally, India is pursuing trade agreements with Britain, the European Union, New Zealand and others to diversify export markets. These initiatives aim to sustain India’s resilient trade performance but will take time to show results.
Economic Outlook
India recently received a sovereign rating upgrade from Standard & Poor’s. This upgrade, along with tax reforms and regulatory simplifications, is expected to lower borrowing costs. It will also attract more foreign capital inflows. The government remains optimistic about India’s economic prospects despite external trade pressures.
| Related | |
|---|---|
