Union Finance and Corporate Affairs Minister Nirmala Sitharaman led the Indian delegation at the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Milan, Italy, from May 4 to 7, 2025. Her delegation included officials from the Department of Economic Affairs, Ministry of Finance, and participated in key sessions such as the Governors’ Business Session, Plenary Session, and the ADB Governors’ Seminar on “Cross-Border Collaboration for Future Resilience”.

During the meeting with ADB President Masato Kanda, Sitharaman reiterated India’s commitment to private sector-led economic growth, highlighting the country’s ongoing efforts to create a favorable policy and regulatory environment.

She emphasised major government initiatives such as the Insolvency and Bankruptcy Code (IBC), corporate tax rate reductions, Goods and Services Tax (GST) implementation, Production-Linked Incentives (PLI), the National Infrastructure Pipeline (NIP), Gati Shakti National Master Plan, and Start-Up India. These measures, she noted, have significantly improved the ease of doing business in India.

Sitharaman also invited ADB to pilot innovative financing products and models in India, positioning the country as a hub for new development finance approaches. President Kanda expressed ADB’s full support for India’s development agenda, aligning with Prime Minister Narendra Modi’s vision of “Viksit Bharat 2047”.

In her bilateral meeting with Italian Finance Minister Giancarlo Giorgetti, Sitharaman discussed ways to deepen India-Italy economic ties and enhance cooperation on global and multilateral platforms. The talks highlighted the implementation of the Joint Strategic Action Plan 2025-2029, announced by Prime Ministers Modi and Meloni in November 2024, aimed at expanding cooperation in priority sectors. With bilateral trade reaching $14.56 billion in FY2023-24, Sitharaman identified significant opportunities in renewable energy, digital technologies, agri-food processing, and high-end manufacturing. She encouraged Italian companies to invest in India through the government’s PLI schemes.

A key focus of Sitharaman’s engagements was India’s success with Digital Public Infrastructure (DPI) platforms such as Aadhaar, UPI, and DigiLocker. She proposed collaboration on innovative fintech solutions and highlighted India and Italy’s joint efforts as G20 GPFI co-chairs to advance global financial inclusion. Both finance ministers also discussed the need for reforms in Multilateral Development Banks (MDBs) to better serve developing countries and align with Sustainable Development Goals (SDGs).

Climate and sustainability were also on the agenda, with Sitharaman proposing co-financing models and partnerships in green hydrogen, carbon capture, energy efficiency, and the circular economy. She emphasized that India and Italy could leverage their strengths to co-develop solutions for global markets, supporting climate commitments.

Finance Ministry officials clarified that there was no discussion on issues related to Pakistan during the meetings with the ADB President or the Italian Finance Minister, despite heightened tensions following the Pahalgam terror attack.

Beyond these high-level meetings, Sitharaman’s schedule included bilateral talks with finance ministers from Japan and Bhutan, meetings with heads of international financial institutions such as the International Fund for Agricultural Development (IFAD) and the Japan Bank for International Cooperation (JBIC), interactions with the Indian diaspora, and participation in the NEXT Milan Forum at Bocconi University on “Balancing Economic and Climate Resilience”.

ANI