Sitharaman Engages with ADB President and Italian Finance Minister on Economic Challenges

Finance Minister Nirmala Sitharaman recently engaged in discussions with ADB President Masato Kanda and Italian Finance Minister Giancarlo Giorgetti. The meetings, held in Milan during the 58th annual Asian Development Bank gathering, focused on a range of economic issues. Notably, the ongoing India-Pakistan tensions were not part of these discussions.

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During her meeting with ADB President Kanda, Sitharaman highlighted India's emphasis on private sector-led growth. She pointed out India's efforts to create a favourable business environment through initiatives like the Insolvency and Bankruptcy Code and GST implementation. These measures aim to enhance the ease of doing business in India.

India's Economic Growth Focus

Sitharaman also discussed opportunities for ADB to introduce innovative financing products in India. Kanda assured full support for India's development goals, aligning with Prime Minister Narendra Modi's vision of Viksit Bharat 2047. This vision aims to transform India into a developed nation by 2047.

In her meeting with Italian Finance Minister Giancarlo Giorgetti, Sitharaman explored ways to strengthen economic ties between India and Italy. They discussed enhancing cooperation on global platforms and addressing mutual interests. The focus was on implementing the Joint Strategic Action Plan 2025-2029 announced by Prime Ministers Modi and Meloni.

Strengthening India-Italy Relations

The finance ministry noted that this plan would deepen cooperation in priority areas. With bilateral trade reaching USD 14.56 billion in FY2023-24, Sitharaman highlighted potential growth areas such as renewable energy, digital technologies, agri-food processing, and high-end manufacturing. She invited Italian companies to invest in India through PLI schemes.

Both leaders also discussed reforming Multilateral Development Banks (MDBs) to better serve developing countries and align with Sustainable Development Goals. They emphasised the importance of making MDBs more responsive to the needs of these nations.

Collaborative Efforts for Global Solutions

Sitharaman stressed the need for co-financing models and collaboration in areas like green hydrogen, carbon capture, energy efficiency, and circular economy. She suggested that both countries could leverage their strengths to develop solutions for global markets while advancing climate commitments.

The meetings underscored India's commitment to fostering international cooperation and addressing global economic challenges collaboratively. By focusing on innovation and sustainable development, India aims to strengthen its position on the world stage.

With inputs from PTI