Finance Minister Nirmala Sitharaman held crucial bilateral discussions with Asian Development Bank (ADB) President Masato Kanda and Italy’s Finance Minister Giancarlo Giorgetti on the sidelines of the 58th ADB Annual Meeting in Milan. While a wide range of global and regional economic topics were discussed, no references were made regarding current tensions between India and Pakistan, as confirmed by the finance ministry.
During her conversation with Kanda, Sitharaman emphasized India’s commitment to a private sector-driven growth model. She highlighted India’s continuous efforts to build a business-friendly environment through major reforms like the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code (IBC), and the Production-Linked Incentive (PLI) schemes. These efforts aim to enhance ease of doing business and attract investment.
She also encouraged the ADB to consider India as a testing ground for innovative financial products and models. Kanda, in response, reiterated the ADB’s support for India’s development goals, aligning with the vision of Viksit Bharat 2047 set forth by Prime Minister Modi.
Later, Sitharaman met Italian Finance Minister Giorgetti to explore ways to deepen Indo-Italian economic cooperation. Both leaders reaffirmed their commitment to advancing the Joint Strategic Action Plan 2025–2029, launched by PMs Modi and Meloni in 2024.
Sitharaman pointed out India’s investment potential in renewable energy, digital innovation, agri-processing, and advanced manufacturing, inviting Italian firms to participate under the ‘Make in India’ initiative. The duo also called for reforms in Multilateral Development Banks to align with sustainability goals.
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