New Delhi– Union Finance Minister Nirmala Sitharaman met with Italian Finance Minister Giancarlo Giorgetti on Monday, on the sidelines of the 58th Annual Meeting of the Asian Development Bank (ADB) in Milan. The two leaders discussed strengthening India-Italy economic ties and enhancing collaboration on global and multilateral platforms across areas of mutual interest.
The meeting focused on the implementation of the Joint Strategic Action Plan 2025–2029, announced by Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni in November 2024. The plan is designed to deepen bilateral engagement in key sectors and bring new momentum to the partnership.
“With bilateral trade between the two countries reaching $14.56 billion in FY 2023–24, FM @nsitharaman emphasised the huge potential in renewable energy, digital technologies, agri-food processing, and high-end manufacturing, and invited Italian companies to ‘Make in India’ through the Government of India’s Production Linked Incentive (PLI) schemes,” the Finance Ministry said in a post on X.
Sitharaman also shared India’s success with Digital Public Infrastructure (DPI) platforms such as Aadhaar, UPI, and DigiLocker, and proposed collaboration on innovative fintech solutions that could benefit both countries and beyond.
The two ministers also underscored the need to reform Multilateral Development Banks (MDBs) to make them more responsive to the needs of developing countries. They stressed the importance of ensuring MDBs are adequately capitalised and aligned with the Sustainable Development Goals (SDGs).
The discussion extended to potential cooperation in green hydrogen, carbon capture, energy efficiency, and the circular economy, with Sitharaman highlighting opportunities for co-financing and co-developing climate solutions for global markets.
During her visit, Finance Minister Sitharaman also held talks with Japanese Finance Minister Katsunobu Kato, where they reaffirmed the Special Strategic and Global Partnership between India and Japan.
Sitharaman emphasised the shared values of democracy and the rule of law, calling the India-Japan partnership vital for peace, prosperity, and stability in the Indo-Pacific. The two ministers discussed expanding economic cooperation across public and private sectors and encouraged innovative bilateral initiatives.
Earlier at the ADB Governors’ Business Session, Sitharaman spoke about India’s growth trajectory and the vision for Viksit Bharat 2047 under Prime Minister Modi’s leadership. She endorsed ADB’s evolving role as a more proactive, agile, bold, and client-centric bank.
“These attributes are crucial in our collective journey towards a prosperous, inclusive, resilient and sustainable Asia and Pacific,” she stated.
