Sitharaman Engages in Strategic Economic Talks at ADB Meeting in Milan

Finance Minister Nirmala Sitharaman met with ADB President Masato Kanda and Italian Finance Minister Giancarlo Giorgetti, discussing various economic issues and opportunities for enhanced collaboration. The talks emphasized India's commitment to private sector-led growth and the potential for innovative financing models, with a focus on strengthening India-Italy economic ties.

Finance Minister Nirmala Sitharaman engaged in crucial discussions with Asian Development Bank (ADB) President Masato Kanda and Italian Finance Minister Giancarlo Giorgetti during the 58th annual ADB meeting in Milan. The meetings aimed to address global and regional economic issues, excluding the ongoing India-Pakistan tensions.

During talks with the ADB head, Sitharaman emphasized India's dedication to fostering private sector-driven economic growth through initiatives like the Insolvency and Bankruptcy Code, GST implementation, and Production-Linked Incentives. She outlined India as a fertile ground for ADB to test innovative financing products.

Sitharaman and Giorgetti explored enhancing bilateral economic ties, focusing on sectors like renewable energy and digital technologies. They also discussed reforming Multilateral Development Banks to align better with Sustainable Development Goals. Both nations aim to collaborate on sustainable solutions, leveraging strengths in areas like green hydrogen and energy efficiency.

(With inputs from agencies.)