Nirmala Sitharaman Embarks on Key Economic Mission to Spain, Portugal, and Brazil

Official Visit to Strengthen Economic Ties

New Delhi: Starting from Monday and continuing until July 5, Union Finance Minister Nirmala Sitharaman has initiated an official tour to Spain, Portugal, and Brazil, as announced by the Ministry.

She is heading the Indian delegation from the Department of Economic Affairs within the Ministry of Finance.

During her stay in Seville, Spain, the Finance Minister is set to participate in the fourth International Conference on Financing for Development (FFD4), where she will present a statement representing India.

Additionally, she will deliver a keynote address at the International Business Forum Leadership Summit, focusing on the theme "From FFD4 Outcome to Implementation: Unlocking the Potential of Private Capital for Sustainable Development" in Seville.

On the sidelines of this event, she is scheduled to meet with senior ministers from Germany, Peru, New Zealand, and the President of the European Investment Bank, Nadia Calvino, as per the official announcement.

In Lisbon, Portugal, she plans to hold a bilateral discussion with Portugal's Finance Minister Joaquim Miranda Sarmento and engage with key investors and members of the Indian community.

In Rio de Janeiro, she will represent India as Governor at the 10th Annual Meeting of the New Development Bank (NDB) and participate in the BRICS Finance Ministers and Central Bank Governors Meeting.

During the NDB meetings, she will also speak at the NDB Flagship Governors' Seminar on the topic "Building a Premier Multilateral Development Bank for the Global South."

Furthermore, she is expected to conduct bilateral meetings with finance ministers from Brazil, China, Indonesia, and Russia, according to the Ministry.

This visit coincides with projections of a 6.5 percent GDP growth for India in the current fiscal year (FY26), driven by strong domestic demand, favorable monsoon conditions, and monetary easing, as reported by S&P Global Ratings.

The resilience of domestic demand is crucial in mitigating economic slowdowns in countries like India that are less reliant on goods exports.

"We anticipate India's GDP growth to remain steady at 6.5 percent in fiscal 2026 (ending March 31, 2026). This forecast is based on expectations of a normal monsoon, reduced crude oil prices, income tax reductions, and monetary easing," stated the report focusing on Asia-Pacific economies.