Does ADB Truly Support India's Development Vision under PM Modi?
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Synopsis
In a significant meeting, ADB President Masato Kanda expressed the bank's complete backing for India's development goals, which are rooted in PM Modi's vision for Viksit Bharat 2047. This partnership could dramatically shape India's economic landscape.
Key Takeaways
- ADB President Masato Kanda supports India's development goals.
- Focus on private sector-led economic growth.
- Participation in the 58th Annual Meeting in Milan.
- Significant initiatives to enhance the Ease of Doing Business.
- Exploration of innovative financial products by ADB.
New Delhi, May 5 (NationPress) The President of the Asian Development Bank (ADB), Masato Kanda, conveyed the Bank's unwavering support for India's development objectives during a recent encounter with Union Finance Minister Nirmala Sitharaman. This collaboration is aligned with Prime Minister Narendra Modi's ambitious vision of Viksit Bharat 2047, as stated by the Finance Ministry on Monday.
FM Sitharaman emphasized India's commitment to fostering economic growth driven by the private sector, continuously working to create a favorable policy and regulatory environment.
The Finance Minister is leading an Indian delegation from the Department of Economic Affairs to participate in the 58th Annual Meeting of the Board of Governors of the ADB held in Milan, Italy, from May 4 to 7.
According to the ministry's social media post, she met with ADB President Kanda in Milan.
"The Union Finance Minister reiterated India's focus on private sector-led economic growth and highlighted the government's efforts in establishing a conducive policy and regulatory framework through innovative initiatives such as the Insolvency and Bankruptcy Code, Corporate Tax Rate Reduction, GST implementation, Production-Linked Incentives, National Infrastructure Pipeline, GatiShakti National Master Plan, and Startup India, among others, aimed at enhancing the Ease of Doing Business," the Ministry elaborated.
Sitharaman also pointed out the potential for ADB to explore new, innovative financial products and models in India.
"Kanda affirmed ADB's complete support for India's developmental goals, following Prime Minister Modi's vision of Viksit Bharat 2047," the ministry noted.
During the ADB's annual meeting, Sitharaman is scheduled to conduct bilateral discussions with her counterparts from Italy, Japan, and Bhutan, as well as engage with the President of the International Fund for Agricultural Development (IFAD) and the Governor of the Japan Bank for International Cooperation (JBIC).
The Finance Minister will also interact with the Indian community in Milan and meet with global think-tanks, business leaders, and CEOs. Additionally, she will participate in a Plenary Session at the 'NEXT Milan Forum' hosted at Bocconi University, focusing on "Balancing Economic and Climate Resilience," as per an official statement.
Point of View
The collaboration between ADB and India under PM Modi’s stewardship reflects a robust strategy to advance India's economic ambitions. By fostering a conducive environment for private sector growth, India is poised to achieve its development objectives efficiently, ensuring a sustainable and prosperous future.
NationPress
08/06/2025
Frequently Asked Questions
What is the main focus of the ADB's support for India?
The ADB's support is primarily focused on aligning with India's development priorities as envisioned by PM Modi, particularly the Viksit Bharat 2047 initiative.
What initiatives are being highlighted by FM Sitharaman?
FM Sitharaman highlighted initiatives like the Insolvency and Bankruptcy Code, Corporate Tax Rate Reduction, GST implementation, and Startup India as key to enhancing the Ease of Doing Business.
Where is the ADB's 58th Annual Meeting being held?
The ADB's 58th Annual Meeting is taking place in Milan, Italy, from May 4 to 7.
