New Delhi— Union Finance Minister Nirmala Sitharaman met with Italian Finance Minister Giancarlo Giorgetti on the sidelines of the 58th Asian Development Bank (ADB) Annual Meeting in Milan, where the two leaders explored ways to strengthen bilateral economic ties and collaborate on key global and multilateral issues.
The meeting marked a follow-up to the Joint Strategic Action Plan 2025–2029, announced by Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni in November 2024. The plan aims to deepen cooperation between the two nations across key sectors.
With bilateral trade reaching $14.56 billion in FY 2023–24, Sitharaman highlighted significant opportunities for growth in areas such as renewable energy, digital technology, agri-food processing, and advanced manufacturing. She invited Italian firms to participate in India’s Production-Linked Incentive (PLI) schemes and invest through the “Make in India” initiative.
The Finance Minister also showcased India’s advancements in Digital Public Infrastructure, including platforms like Aadhaar, UPI, and DigiLocker, and proposed joint efforts in fintech innovation.
Both ministers discussed the urgent need to reform Multilateral Development Banks (MDBs) to better address the needs of developing nations. Sitharaman emphasized the importance of making MDBs more responsive, better capitalized, and aligned with the Sustainable Development Goals (SDGs).
She also proposed co-financing and joint ventures in emerging sectors like green hydrogen, carbon capture, energy efficiency, and the circular economy, suggesting that both nations could co-develop technologies for global markets and jointly address climate challenges.
In a separate meeting, Sitharaman met Japan’s Finance Minister Katsunobu Kato to reaffirm the Special Strategic and Global Partnership between India and Japan. She emphasized that the relationship, rooted in shared democratic values and the rule of law, plays a key role in maintaining peace and stability in the Indo-Pacific region.
The two ministers discussed expanding economic cooperation across both public and private sectors and encouraged innovation-driven partnerships.
Earlier, at the ADB Governors’ Business Session, Sitharaman underscored India’s economic progress and Prime Minister Modi’s vision for a developed India (Viksit Bharat) by 2047. She endorsed ADB’s commitment to becoming a more proactive, agile, and client-centric institution, calling it essential for building a resilient, inclusive, and sustainable Asia-Pacific. (Source: IANS)
