India-Italy explored ways to boost economic ties during the ADB Annual Meeting 2025 in Milan. Key topics included trade, green tech, fintech collaboration, and MDB reforms. India also discussed strategic cooperation with Japan and reaffirmed its commitment to sustainable development and the Viksit Bharat 2047 vision.
India and Italy are stepping up efforts to enhance their economic and strategic partnership, as highlighted during a bilateral meeting between Union Finance Minister Nirmala Sitharaman and Italian Finance Minister Giancarlo Giorgetti. The meeting took place on the sidelines of the 58th Asian Development Bank (ADB) Annual Meeting in Milan, Italy, on Monday.
The discussions focused on deepening economic collaboration, promoting investment, and fostering cooperation on global and multilateral platforms. A key point of the talks was the implementation of the Joint Strategic Action Plan 2025-2029, unveiled by Indian Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni in November 2024. This roadmap aims to bring greater momentum and depth to India-Italy cooperation in areas of mutual priority.
Bilateral trade between India and Italy reached $14.56 billion in FY2023-24, underscoring a strong economic foundation. Minister Sitharaman emphasized the vast untapped potential in sectors such as renewable energy, digital technologies, agri-food processing, and high-end manufacturing. She invited Italian businesses to invest in India through the Government of India’s Production-Linked Incentive (PLI) schemes, under the ‘Make in India’ initiative.
India also showcased its global leadership in Digital Public Infrastructure (DPI), including platforms like Aadhaar, UPI, and DigiLocker. Sitharaman proposed that India and Italy explore joint ventures in innovative fintech solutions, leveraging these digital advancements.
A major highlight of the discussion was the need to reform Multilateral Development Banks (MDBs). Both ministers agreed that MDBs must become more agile, better capitalised, and more aligned with Sustainable Development Goals (SDGs), especially to address the challenges faced by developing countries.
Sitharaman also pointed out new avenues for collaboration in green hydrogen, carbon capture, energy efficiency, and circular economy technologies. She stressed that India and Italy, by leveraging their complementary strengths, can co-develop solutions for the global market, thereby contributing to climate goals.
In a separate meeting, Sitharaman held talks with Japanese Finance Minister Katsunobu Kato to reinforce the India-Japan Special Strategic and Global Partnership. The ministers discussed shared democratic values and mutual interest in maintaining peace, prosperity, and stability in the Indo-Pacific region. They also deliberated on increasing cooperation across public and private sectors through innovation and bilateral economic initiatives.
Earlier, FM Sitharaman addressed the Governors’ Business Session at the ADB Annual Meeting, highlighting India’s growth trajectory and the Viksit Bharat 2047 vision under PM Modi’s leadership. She endorsed ADB’s push toward becoming a more proactive and client-centric institution for building a prosperous, inclusive, resilient, and sustainable Asia-Pacific region.
