FM Nirmala Sitharaman Meets Italian, Japanese Counterparts; Pushes for Stronger Economic Ties and MDB Reforms
Union Finance Minister Nirmala Sitharaman met with her Italian and Japanese counterparts on the sidelines of the 58th Annual Meeting of the Asian Development Bank (ADB) held in Milan, reinforcing India’s commitment to deepening bilateral and multilateral cooperation with key global partners.
Strengthening India–Italy Economic Engagement
In her meeting with Giancarlo Giorgetti, Italy’s Minister of Economy and Finance, the two leaders discussed strategies to enhance the India–Italy economic partnership and to operationalize the Joint Strategic Action Plan 2025–2029, launched by Prime Ministers Narendra Modi and Giorgia Meloni in November 2024.
The Joint Action Plan aims to elevate bilateral engagement across priority sectors. Bilateral trade between the two countries touched USD 14.56 billion in FY2023–24, underscoring the strong economic foundation.
FM Sitharaman highlighted areas of immense potential such as renewable energy, digital technologies, agri-food processing, and advanced manufacturing, inviting Italian businesses to participate in India’s Production-Linked Incentive (PLI) schemes under the “Make in India” initiative.
She also shared India’s advancements in Digital Public Infrastructure (DPI) — including platforms like Aadhaar, UPI, and DigiLocker — and proposed collaboration in the development of innovative fintech solutions.
The leaders also explored cooperation in green hydrogen, carbon capture, energy efficiency, and the circular economy, identifying potential for co-financing models and joint R&D to develop scalable solutions for global markets.
Reforming Multilateral Development Banks
Both ministers emphasized the need to reform Multilateral Development Banks (MDBs) to make them more agile, responsive to the needs of developing countries, adequately capitalised, and better aligned with the Sustainable Development Goals (SDGs).
Advancing India–Japan Strategic Partnership
FM Sitharaman also held bilateral talks with Katsunobu Kato, Finance Minister of Japan, where both leaders reaffirmed the importance of the Special Strategic and Global Partnership between India and Japan. The discussions focused on expanding economic cooperation across public and private sectors and deepening strategic collaboration in the Indo-Pacific region.
The Indian Finance Minister highlighted that the partnership, rooted in shared democratic values and respect for the rule of law, is key to ensuring peace, prosperity, and stability in the region.
India’s Vision at ADB
Earlier, addressing the Governors’ Business Session at the ADB Annual Meeting, Sitharaman reiterated India’s robust economic outlook and its long-term development roadmap under Viksit Bharat 2047, a vision for transforming India into a developed economy by its centenary of independence.
She endorsed ADB’s ambition to evolve into a more proactive, agile, bold, and client-centric institution, and emphasized that these qualities are essential for building a prosperous, inclusive, resilient, and sustainable Asia-Pacific region.
