Finance Minister Nirmala Sitharaman Meets ADB Chief and Italian FM, led India at the 58th annual meeting of the Asian Development Bank (ADB) in Milan, where she met with ADB President Masato Kanda and Italian Finance Minister Giancarlo Giorgetti. The agenda of these meetings was the economic challenges facing the world, financial reforms, and strengthening bilateral relations, with no mention of Pakistan during the meeting.
During her meeting with ADB President Masato Kanda, Sitharaman reaffirmed India’s commitment to economic growth through the private sector. She highlighted significant policy initiatives such as the Insolvency and Bankruptcy Code, GST implementation, and Production-Linked Incentives (PLI), which have contributed to India’s Ease of Doing Business.
Kanda expressed ADB’s full support for India’s development priorities, aligning with Prime Minister Narendra Modi’s vision of Viksit Bharat 2047. Sitharaman also emphasized that India offers opportunities for ADB to pilot innovative financing models, strengthening economic resilience.
India-Italy Economic Cooperation
During her meeting with Italian Finance Minister Giancarlo Giorgetti, Sitharaman discussed the broadening of India-Italy economic ties. The discussions encompassed the realization of the Joint Strategic Action Plan 2025-2029 inaugurated by Prime Minister Modi and Italian Prime Minister Giorgia Meloni in November 2024.
With two-way commerce worth USD 14.56 billion during FY2023-24, Sitharaman emphasized that enormous opportunity lay in the fields of renewable energy, digital technology, agri-food processing, and high-end manufacturing. She exhorted Italian companies to invest in India through PLI schemes, further strengthening economic collaboration.
Reforming Multilateral Development Banks
Leaders shared perceptions regarding the imperative for MDB reform so that MDBs become increasingly sensitive to developing country needs and are aligned with SDGs. Sitharaman underscored co-financing structures and collaboration on green hydrogen, carbon capture, energy efficiency, and the circular economy, reflecting India’s commitment to global sustainability.
They proceeded to their twitter account and tweeted, ”The meeting stressed implementation of the Joint Strategic Action Plan 2025-2029 announced by Prime Minister Modi and Italian Prime Minister Giorgia Meloni in November 2024, which will lend our cooperation in priority sectors depth and momentum”
Sitharaman’s exchanges during the ADB meeting indicated India’s willingness to foster global economic cooperation as a global player in international financial negotiations.
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