Finance Minister Nirmala Sitharaman held a series of high-level bilateral meetings with global financial leaders on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Asheville, discussing ways to deepen economic cooperation, boost investment and strengthen partnerships across infrastructure, technology, trade and emerging sectors.
FM Sitharaman met World Bank Group President Ajay Banga and discussed further strengthening the India-World Bank partnership, including greater mobilisation of private capital and enhanced support for infrastructure and corporate financing.
The Finance Minister appreciated the World Bank Group’s continued engagement with India and acknowledged the speedy processing of $1.5 billion in Development Policy Financing. She also welcomed the International Finance Corporation’s support to MSMEs through SIDBI.
The discussions explored a larger role for the Multilateral Investment Guarantee Agency (MIGA) in India, including the use of guarantees to deepen corporate, infrastructure and municipal bond markets and mobilise greater private capital. The two sides also discussed a sector-based approach to credit enhancement for infrastructure projects.
Banga appreciated the significant transformation in India’s infrastructure and highlighted opportunities to further leverage World Bank Group instruments to support India’s development ambitions. The two leaders also discussed the proposed Global Digital Public Infrastructure Knowledge Hub in India and the use of technology in areas such as agriculture.
FM Sitharaman further highlighted the possibility of developing globally competitive tourism destinations under the new India-World Bank Group Country Partnership Framework through coordinated support involving the World Bank, IFC and MIGA.
The discussions focused on evolving the India-World Bank relationship from a traditional lender-borrower model towards a strategic partnership centred on global knowledge, innovation and private capital mobilisation.
In another key meeting, FM Sitharaman met European Commission Executive Vice-President and Commissioner for Economy and Financial Affairs Valdis Dombrovskis to discuss deepening the India-EU Economic and Financial Partnership.
The two sides reviewed cooperation under the India-EU macroeconomic dialogue and the Trade and Technology Council, while also discussing the ongoing negotiations on the India-EU Free Trade Agreement and Investment Protection Agreement.
They exchanged views on strengthening resilient and diversified supply chains, particularly in critical raw materials and technologies. FM Sitharaman underlined the importance of building processing and value-addition capabilities alongside sourcing critical minerals.
Both sides also explored greater cooperation in fintech, artificial intelligence and generative AI, including stronger engagement between Indian and European start-ups.
FM Sitharaman also met IMF Managing Director Kristalina Georgieva, with the discussions focusing on the global economic outlook and India’s evolving growth trajectory.
Georgieva appreciated India’s strong economic performance and the resilience built into the Indian economy. The two leaders also discussed structural changes underway in India and the need for macroeconomic assessments and growth projections to adequately reflect these developments.
FM Sitharaman highlighted India’s strong macroeconomic fundamentals and stressed the importance of robust, evidence-based surveillance frameworks for Emerging Markets and Developing Economies. The discussions also covered IMF capacity development initiatives aimed at strengthening institutional capacity, macroeconomic policymaking and statistical systems.
During her meeting with Republic of Korea Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol, Sitharaman discussed strengthening bilateral economic and financial cooperation and taking forward the proposed India-Korea Finance Ministers’ Meeting.
The Finance Minister said India regarded South Korea as an important economic partner and highlighted opportunities for cooperation in critical minerals, resilient supply chains and emerging sectors.
The two sides also discussed greater investment flows, cooperation through the National Investment and Infrastructure Fund and the proposed concessional credit line under Korea’s Economic Development Cooperation Fund for infrastructure and green-transition projects in India.
They further reviewed efforts towards interoperability between India and South Korea’s QR-based payment systems, which could facilitate easier payments and strengthen economic and people-to-people linkages.
FM Sitharaman also held talks with Russian Finance Minister Anton Siluanov, during which the two sides exchanged views on bilateral cooperation, regional and global economic developments and multilateral issues.
The discussions covered cooperation within the New Development Bank and the Asian Infrastructure Investment Bank, as well as the proposed establishment of a Shanghai Cooperation Organisation Development Bank.
In her meeting with Qatar’s Finance Minister Ali bin Ahmed Al Kuwari, FM Sitharaman discussed ways to deepen India-Qatar economic cooperation in trade, finance, investment, energy, infrastructure, shipping, ports and logistics, advanced manufacturing and people-to-people ties.
The Qatari Finance Minister appreciated India’s strong and resilient economic growth amid global uncertainty and invited Sitharaman to attend the 11th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank, scheduled to be held in Doha later this month.
FM Sitharaman also met Poland’s Finance and Economy Minister Andrzej Domański and discussed opportunities to expand bilateral cooperation in trade, services, defence, energy security and emerging technologies.
The two leaders also discussed the upcoming visit of the Polish Prime Minister to India, which is expected to further advance high-level engagement between the two countries following the establishment of a comprehensive strategic partnership during Prime Minister Narendra Modi’s visit to Poland in 2024.
Domański said that India and Poland could further diversify their already significant trade and investment relationship across new sectors.
