Milan [Italy], May 5 : Finance and Corporate Affairs Minister Nirmala Sitharaman on Monday met ADB President Masato Kanda and Italian Finance Minister Giancarlo Giorgetti on Monday and talked about the initiatives India is taking to foster economic growth.
In her meeting with Masato Kanda during the 58th ADB Annual Meeting in Milan, Sitharaman reiterated that India focuses on private sector-led economic growth and has been consistently creating a conducive policy ecosystem through bold initiatives.
Sitharaman is leading the Indian delegation of officials from the Finance Ministry to attend the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB), that is taking place in Milan, Italy, from May 4 to 7, 2025.
In her meeting with Masato Kanda, Sitharaman emphasised that India offers opportunities for ADB to pilot new, innovative financing products and models.
"The Union Finance Minister reiterated that India focuses on private sector-led economic growth and has been consistently creating a conducive policy and regulatory ecosystem through bold initiatives such as the Insolvency and Bankruptcy Code #IBC, Corporate Tax Rate Reduction & GST implementation, Production-Linked Incentives #PLI, National Infrastructure Pipeline #NIP, #GatiShakti National Master Plan, and #StartupIndia, among others, for greater Ease of Doing Business #EoDB," Finance Ministry said in a post on X.
"FM Smt. @nsitharaman emphasised that India offers opportunities for ADB to pilot new, innovative financing products and models. Mr. Kanda expressed ADB's full support to India's development priorities, guided by Prime Minister @narendramodi's vision of Viksit Bharat 2047. @CGIMilan," it added.
Sitharaman met Italian Minister of Economy and Finance Giancarlo Giorgetti on the sidelines of ADB Annual meeting.
Both the leaders explored ways to strengthen India-Italy economic ties, and enhance cooperation in global and multilateral platforms on issues of mutual interest.
"The meeting highlighted implementation of the Joint Strategic Action Plan 2025-2029 announced by Prime Minister Shri @narendramodi and Italian PM Ms. @GiorgiaMeloni in November 2024, which will add depth and momentum to our cooperation in priority domains," Finance Ministry said in a post on X.
"With bilateral trade between the two counties reaching $14.56B in FY2023-24, FM Smt. @nsitharaman emphasised on the huge potential in #RenewableEnergy, digital technologies, agri-food processing, and high-end manufacturing and invited Italian companies to 'Make in India' through Government of India's PLI schemes," it added.
The Union Finance Minister shared India's success with Digital Public Infrastructure platforms like Aadhaar, UPI, and DigiLocker, proposing collaboration on innovative fintech solutions.
"As G20 GPFI co-chairs, India and Italy are working together to advance financial inclusion globally. Both Finance Ministers discussed the importance of reforming Multilateral Development Banks #MDBs to make them more responsive to developing countries' needs, adequately capitalised, and better aligned with #SDGs," the Finance Ministry said in its post.
"FM Smt. @nsitharaman underlined co-financing models and collaboration in green hydrogen, carbon capture, energy efficiency, and circular economy and stated that both nations can leverage their strengths to co-develop solutions for global markets, advancing our climate commitments," it added.
Finance Ministry officials said that there was no discussion on issues related to Pakistan with ADB President and the Italian Finance Minister.
Tensions have risen between India and Pakistan following Pahalgam terror attack. The government has said that preparators will face severe punishment.
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