Finance Minister Nirmala Sitharaman held a series of bilateral meetings with global finance 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.
During her meeting with Valdis Dombrovskis, European Commissioner for Economy and Financial Affairs, Sitharaman discussed measures to further deepen the India-EU Economic and Financial Partnership. The discussions included the India-EU macroeconomic dialogue, the Trade and Technology Council and ongoing negotiations on the India-EU Free Trade Agreement and Investment Protection Agreement.
The two sides also exchanged views on building resilient and diversified supply chains, with a focus on cooperation in critical raw materials and technologies. Sitharaman underlined the importance of developing domestic processing and value-addition capabilities for critical minerals, while both sides explored greater cooperation in FinTech, artificial intelligence and generative AI, including stronger engagement between Indian and European startups.
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Sitharaman also met IMF Managing Director Kristalina Georgieva to discuss global economic developments and India’s growth trajectory. Georgieva appreciated India’s economic performance and track record, while the discussions covered structural shifts in the Indian economy and the need for macroeconomic assessments and growth projections to appropriately reflect these developments.
The Finance Minister highlighted India’s macroeconomic fundamentals and the importance of robust, evidence-based surveillance frameworks for emerging market and developing economies. The meeting also covered IMF capacity-development initiatives aimed at strengthening institutional capacity, macroeconomic policymaking and statistical systems, with both sides emphasising continued India-IMF engagement to support sound policies and global economic resilience.
In separate discussions, Sitharaman met South Korea’s Deputy Prime Minister and Finance Minister Koo Yun-cheol and Russian Finance Minister Anton Siluanov. With South Korea, discussions focused on bilateral economic and financial cooperation, including preparations for the India-Korea Finance Ministers’ Meeting, critical minerals and resilient supply chains. With Russia, the two sides reviewed bilateral cooperation, regional and global economic developments and collaboration through the New Development Bank and Asian Infrastructure Investment Bank.
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