FM Sitharaman meets ADB chief, Italian FM, discusses economic issues

Finance Minister Nirmala Sitharaman on Monday met ADB President Masato Kanda and Italian Finance Minister Giancarlo Giorgetti, and discussed host of economic issues, but there was no mention of the ongoing tension between India and Pakistan during the bilateral meetings.
Sitharaman is in Milan to attend the 58th annual meeting of the Asian Development Bank (ADB).
On the sidelines of the ADB meet, Sitharaman met Kanda and Giorgetti to discuss various economic issues facing the world and the Asian region.
The finance ministry said there was no discussion "on issues related to Pakistan with ADB President and the Italian Finance Minister" in Milan.
During the bilateral meeting with ADB president, Sitharaman 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, and GST implementation, Production-Linked Incentives, among others, for greater Ease of Doing Business, the finance ministry later said in a post on X.
Sitharaman emphasised that India offers opportunities for ADB to pilot new, innovative financing products and models, it said.
Kanda expressed ADB's full support to India's development priorities, guided by Prime Minister Narendra Modi's vision of Viksit Bharat 2047, it said.
Later, Sitharaman met Giancarlo Giorgetti, Minister of Economy and Finance of Italy, and 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 Modi and Italian Prime Minister Giorgia Meloni in November 2024, which will add depth and momentum to our cooperation in priority domains," the finance ministry said in a separate post on X.
"With bilateral trade between the two counties reaching USD 14.56 bn 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 said.
Both leaders discussed the importance of reforming Multilateral Development Banks (MDBs) to make them more responsive to developing countries' needs and better aligned with Sustainable Development Goals, the ministry said.
Sitharaman underlined the need for 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 climate commitments.

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