Finance Minister holds bilateral talks in Asheville
Finance Minister Nirmala Sitharaman met several world leaders on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Asheville, discussing the global economic outlook and India's evolving growth trajectory, according to the Finance Ministry.
During her meeting with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), Georgieva appreciated India's strong economic performance and track record, noting the strength built by the Indian economy, the Finance Ministry said in a post on X. The discussion also covered the structural shifts underway in India and the importance of appropriately reflecting these developments in macroeconomic assessments and growth projections.
Sitharaman highlighted India's strong macroeconomic fundamentals and the importance of robust, evidence-based surveillance frameworks that adequately reflect structural shifts in Emerging Markets and Developing Economies (EMDEs). The talks also touched on the IMF's capacity development initiatives, including support for strengthening institutional capacity, macroeconomic policymaking and statistical systems in EMDEs. Both leaders emphasised the importance of continued India-IMF engagement in strengthening analytical capabilities, supporting sound macroeconomic policies and contributing to global economic resilience.
India-EU partnership talks
Sitharaman also met Valdis Dombrovskis, Commissioner for Economy and Financial Affairs at the European Commission. The two sides discussed further deepening of the India-EU Economic and Financial Partnership, including through the India-EU macroeconomic dialogue and the Trade and Technology Council (TTC). They discussed the ongoing India-EU Free Trade Agreement and Investment Protection Agreement negotiations, with a shared commitment to take these engagements forward, according to the Finance Ministry.
The two sides exchanged views on strengthening resilient and diversified supply chains, including cooperation on critical raw materials and technologies. Sitharaman emphasised the importance of not only sourcing critical minerals but also developing processing and value-addition capabilities. They also explored opportunities for greater cooperation in FinTech, AI and generative AI, including fostering greater engagement between Indian and European start-ups. Both sides reaffirmed their commitment to further strengthen the India-EU partnership and work together on shared priorities, the Finance Ministry posted on X.
Other bilateral meetings
On the sidelines of the same meeting, Sitharaman met Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea. Sitharaman acknowledged that India considers the Republic of Korea a very important economic partner and that the relationship has been mutually beneficial across several dimensions, according to the Finance Ministry. The two discussed strengthening bilateral economic and financial cooperation, including taking forward the India-Korea Finance Ministers' Meeting through early working-level consultations. Sitharaman said India looks forward to strengthening India-Korea cooperation in critical minerals and resilient supply chains, committed to fostering a partnership for the mutual benefit of people and industry.
Sitharaman also met Anton Siluanov, Finance Minister of Russia. The two exchanged views on strengthening bilateral cooperation, regional and global economic developments, and issues of shared interest in the multilateral sphere, including cooperation in the New Development Bank and the Asian Infrastructure Investment Bank, exploring areas of mutual interest for strengthening both institutions.
In a separate meeting with World Bank Group President Ajay Banga, Banga appreciated the significant transformation in India's infrastructure and noted opportunities to further leverage the World Bank Group's instruments to support India's development ambitions, including through MIGA's engagement and political risk insurance for Indian companies investing overseas, according to the Finance Ministry. Sitharaman highlighted India's engagement with the World Bank Group on establishing a Global Digital Public Infrastructure Knowledge Hub in India, including exploring opportunities to leverage technology in areas such as agriculture, and looked forward to early progress towards its launch.