Nirmala Sitharaman, IMF chief discuss India’s growth trajectory, global economic outlook

Asheville: Union Minister for Finance & Corporate Affairs Nirmala Sitharaman met Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting, in Asheville, where the two leaders discussed the global economic outlook and India's evolving growth trajectory.

Sharing the details of the meeting in a post on X, the Finance Ministry of India said that Georgieva appreciated India's strong economic performance and track record, noting the strength built by the Indian economy. The discussion also covered the structural shifts underway in India and the importance of appropriately reflecting these developments in macroeconomic assessments and growth projections.

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The Union Finance Minister highlighted India's strong macroeconomic fundamentals and the importance of robust, evidence-based surveillance frameworks that adequately reflect structural shifts in Emerging Markets and Developing Economies (EMDEs).

As per the Ministry of Finance, the discussions also covered the IMF's capacity development initiatives, including support for strengthening institutional capacity, macroeconomic policymaking and statistical systems in Emerging Markets and Developing Economies (EMDEs).

Both leaders emphasised the importance of continued India-IMF engagement in strengthening analytical capabilities, supporting sound macroeconomic policies and contributing to global economic resilience.

Sitharaman also held high-level bilateral meetings with World Bank Group President Ajay Banga and European Commission Commissioner for Economy and Financial Affairs Valdis Dombrovskis on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting, hosted by the United States this year.

The discussions focused on deepening economic partnerships, expanding green and infrastructural investments, accelerating private capital mobilisation, and navigating strategic global technologies and trade initiatives.

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As per the Ministry, Banga appreciated the significant transformation in India's infrastructure and noted the opportunities to further leverage the World Bank Group's instruments to support India's development ambitions, including through MIGA's engagement and political risk insurance for Indian companies investing overseas.

Union Minister Sitharaman also highlighted India's engagement with the World Bank Group on establishing a Global Digital Public Infrastructure Knowledge Hub in India, including exploring opportunities to leverage technology in areas such as agriculture, and looked forward to early progress towards its launch.

Sitharaman also met Valdis Dombrovskis, Commissioner for Economy and Financial Affairs, European Commission, on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting.

According to a post on X by the Ministry of Finance, it was noted that the two sides discussed further deepening of the India-EU Economic and Financial Partnership, including through the India-EU macroeconomic dialogue and the Trade and Technology Council (TTC).

Sitharaman and Dombrovskis also discussed ongoing India-EU FTA and Investment Protection Agreement negotiations, with a shared commitment to take these engagements forward.