Sitharaman, Japanese Finance Minister hold talks on strategic ties

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman met with Katsunobu Kato, Minister of Finance, Japan, on the sidelines of the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Milan, Italy. The discussions focused on strengthening the Special Strategic and Global Partnership between India and Japan, which is anchored in shared democratic values and commitment to the rule of law.
The Finance Minister underlined the vital importance of the India-Japan partnership in promoting peace, prosperity, and stability in the Indo-Pacific region. Both leaders engaged in constructive dialogue on enhancing bilateral economic cooperation across public and private sectors, encouraging innovative initiatives, and building on existing collaborative efforts. Sitharaman highlighted India’s policy-driven approach to private sector-led economic growth, citing key reforms such as the Insolvency and Bankruptcy Code (IBC), corporate tax reduction, the Goods and Services Tax (GST), the Production-Linked Incentive (PLI) scheme, the National Infrastructure Pipeline (NIP), the Gati Shakti National Master Plan, and Startup India. These initiatives, she noted, have significantly improved the Ease of Doing Business and established a robust foundation for long-term investment and innovation.
Later in the day, the Union Finance Minister also met with Masato Kanda, President of the Asian Development Bank, and discussed avenues to deepen cooperation aligned with India’s development priorities. During the meeting, Sitharaman invited ADB to explore opportunities to pilot innovative financing instruments in India, emphasising the country's commitment to sustainable development and inclusive growth. She reiterated India’s vision for becoming a developed nation by 2047—Viksit Bharat 2047- and highlighted the potential for multilateral partnerships to support this agenda. Kanda assured ADB’s continued support to India’s transformational journey, underscoring alignment with Prime Minister Narendra Modi’s vision for India’s long-term development. Ms Sitharaman addressed the Indian diaspora during an interaction programme organised in Milan. During her address, the Finance Minister highlighted key initiatives and measures of the Modi government to ensure inclusive growth and development in India. She also appreciated the positive contribution of the Indian diaspora to the local economy and society. 

Several governments could not achieve over several decades because their delivery was not efficient. But in the last 10 years, what primarily had to be delivered for every citizen without any differentiation or discrimination, has been delivered.

- Smt @nsitharaman in Milan,… pic.twitter.com/d6hN1ir0lr

— Nirmala Sitharaman Office (@nsitharamanoffc) May 5, 2025

Sitharaman arrived in Milan on May 4 to participate in the ADB Annual Meeting scheduled from May 4 to 7, 2025. She was received at Milan Malpensa Airport by Ambassador Vani Rao and Consul General Lavanya Kumar.

(Business Correspondent)