In a recent meeting with Union Finance Minister Nirmala Sitharaman, Asian Development Bank (ADB) President Masato Kanda reiterated the bank’s full support for India’s development goals, as outlined by Prime Minister Narendra Modi’s vision of Viksit Bharat 2047, the Finance Ministry announced on Monday.
Sitharaman also took the opportunity to highlight India’s focus on private sector-led economic growth and noted that the country has been consistently working on creating an enabling policy and regulatory environment for such growth.
The Union Finance Minister is currently leading an Indian delegation from the Department of Economic Affairs to the 58th Annual Meeting of the Board of Governors of the ADB, being held in Milan, Italy, from May 4 to 7. During her visit, she met with ADB President Kanda in Milan, where they discussed a range of developmental priorities.
In a post shared on social media platform X, the Ministry of Finance elaborated on the discussions, mentioning that Sitharaman emphasized India’s commitment to driving economic growth through the private sector. She also highlighted India’s bold policy initiatives, including the Insolvency and Bankruptcy Code, Corporate Tax Rate Reduction, Goods and Services Tax (GST) implementation, Production-Linked Incentives, National Infrastructure Pipeline, GatiShakti National Master Plan, and the Startup India initiative. These efforts have been aimed at improving the Ease of Doing Business in the country.
The Finance Minister also noted that India offers an opportunity for ADB to pilot new, innovative financing models and products, which would align with the country’s developmental objectives.
Kanda, in turn, reaffirmed ADB’s full support for India’s development priorities, guided by the vision set forth by Prime Minister Modi in the Viksit Bharat 2047 initiative.
In addition to her engagement with the ADB during the meeting, Sitharaman is scheduled to hold bilateral talks with finance ministers from Italy, Japan, and Bhutan. She will also meet with the President of the International Fund for Agricultural Development (IFAD) and the Governor of the Japan Bank for International Cooperation (JBIC).
Further, Sitharaman plans to engage with the Indian diaspora in Milan, while also participating in meetings with global think tanks, business leaders, and CEOs. She is also set to speak at a Plenary Session of the NEXT Milan Forum at Bocconi University, where she will address the topic of “Balancing Economic and Climate Resilience.”
