Bilateral engagements at Asheville G20
Finance Minister Nirmala Sitharaman met several global finance leaders on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Asheville on September 2, discussing India’s evolving growth trajectory and global economic outlook, as per official statements and ministry postings.
India–EU economic partnership
In a meeting with Valdis Dombrovskis, European Commissioner for Economy and Financial Affairs, Sitharaman discussed deepening the India–EU Economic and Financial Partnership, including through the India–EU macroeconomic dialogue and the Trade and Technology Council (TTC), according to the Finance Ministry.
The two sides also discussed ongoing India–EU free trade agreement and Investment Protection Agreement negotiations, with a shared commitment to taking these talks forward. They exchanged views on strengthening resilient and diversified supply chains, including cooperation on critical raw materials and technologies. Sitharaman emphasised the need to develop processing and value-addition capabilities, not just sourcing critical minerals. Opportunities for greater cooperation in FinTech, AI, and generative AI were also explored, including fostering engagement between Indian and European start-ups. Both sides reaffirmed their commitment to strengthening the partnership and working on shared priorities, the Finance Ministry posted on X.
IMF meeting and global outlook
Sitharaman separately met Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF). The discussion covered the global economic outlook and India’s evolving growth trajectory, as stated in a Finance Ministry statement quoted by multiple outlets.
Georgieva posted on X: “Excellent exchange of views with India’s Finance Minister @nsitharaman - reflecting on India’s stellar growth performance, the global outlook and our shared resolve to work ever-more-closely together.”
The IMF Managing Director appreciated India’s strong economic performance and track record, noting the strength built by the Indian economy, the Finance Ministry said. The discussion also covered structural shifts underway in India and the importance of adequately reflecting those developments in macroeconomic assessments and growth projections. Sitharaman highlighted India’s strong macroeconomic fundamentals and argued for robust, evidence-based surveillance frameworks that adequately reflect structural shifts in Emerging Markets and Developing Economies (EMDEs).
The talks additionally covered the IMF’s capacity development initiatives, including support for institutional capacity, macroeconomic policymaking, and data systems in EMDEs. Both leaders emphasised continued India–IMF engagement in strengthening analytical capabilities, supporting sound monetary policy, and contributing to global economic resilience.
Bilateral discussions with South Korea and Russia
Sitharaman met with Koo Yoon-cheol, Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea. She said India regards Korea as a very important economic partner and the relationship has been mutually beneficial across multiple dimensions. The two ministers discussed strengthening bilateral economic channels, including advancing the India–Korea Finance Ministers’ Meeting through early working–level consultations, and Sitharaman said India looks forward to deepening cooperation in emerging and strategic areas such as critical minerals and resilient supply chains.
Sitharaman also met Russian Finance Minister Anton Siluanov. The two sides exchanged views on bilateral cooperation, regional and global economic developments, and shared interests in the wider sphere, according to the Finance Ministry. Their talks also covered cooperation within the New Development Bank and the Asian Infrastructure Investment Bank, exploring ways to strengthen both institutions as effective multilateral development banks.