Finance Minister meets ADB President, lauds support to India

New Delhi, Feb 21,2023: Finance Minister Nirmala Sitharaman on Tuesday met Asian Development Bank (ADB) President Masatsugu Asakawa, and acknowledged the swift response and support provided by the institution to all its developing member countries, including India during the Covid-19 pandemic.

She also appreciated the ADB’s support to India’s G20 Presidency priorities.

Asakawa is on his maiden visit to India after taking over as ADB’s President in 2020.

Sitharaman encouraged the ADB to complement India’s efforts towards infrastructure creation, livelihood generation, green and sustainable growth as well as boosting private investment, through its financial as well as knowledge resources.

Asakawa congratulated the Finance Minister for Indian economy’s post pandemic recovery and stated that despite the disruptions caused by the pandemic, India remains the fastest growing major economy with expected 7 per cent growth in fiscal year 2022-23.

Sitharaman suggested to Asakawa that the ADB may attune its priorities to government’s vision for initiatives like energy transition, PM GatiShakti, logistics policy, industrial corridors, climate change adaptation, circular economy, health, Mission Karmayogi, and Skill India programme.

The ADB President complimented Sitharaman for India’s G20 presidency and conveyed ADB’s support for various initiatives India has taken under this.

He welcomed Sitharaman’s prioritisation of green growth in the budget for 2023-2024.

He also appreciated the government’s vision for mission LiFE connecting individuals to the cause of environment.

The Finance Minister stressed on laying the foundation for India@100. In this light, the two leaders also discussed India-ADB Country Partnership Strategy 2023-2027, which is being finalised.