India seeks expanded global investment ties at G20 meeting

On the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, North Carolina, Indian Finance Minister Nirmala Sitharaman held several high-level bilateral meetings to strengthen global economic ties.

In discussions with World Bank Group President Ajay Banga, the two parties explored expanding their partnership beyond traditional lending. Key areas of focus include infrastructure finance, digital public infrastructure, tourism, and the mobilization of private capital. Sitharaman highlighted the rapid processing of $1.5 billion in Development Policy Financing and the International Finance Corporation’s support for India’s MSME sector. Banga identified five sectors capable of driving significant job creation in India: infrastructure, agriculture, primary healthcare, tourism, and value-added manufacturing.

Sitharaman also met with European Commissioner Valdis Dombrovskis to discuss the India-EU Economic and Financial Partnership, focusing on resilient supply chains, critical minerals, and artificial intelligence. Additionally, Reserve Bank of India Governor Sanjay Malhotra engaged with officials from the U.S. Federal Reserve and the International Monetary Fund to discuss global financial stability and economic challenges.