FM meets ADB President; seeks support for integrated rural prosperity

Finance Minister Nirmala Sitharaman on Thursday met Asian Development Bank (ADB) President Masato Kanda and sought enhanced support for integrated rural prosperity initiatives, including job creation.

The discussions focused on shaping the partnership in line with Prime Minister Narendra Modi's vision for Viksit Bharat by 2047.

The Indian delegation emphasised the 'Budget Plus' and 'Finance Plus' approach for driving systemic change and fostering innovation to align with India's 'reform, perform and transform' approach, while urging for agility in responding to emerging national priorities, the finance ministry said in a post on X.

Stressing that the 'Antyodaya' principle which aims at ensuring development reaches the last person in society she asked ADB to support integrated rural prosperity measures.

"She urged deeper ADB support for integrated rural prosperity measures, including creation of jobs and local entrepreneurship, and fostering innovation in agriculture, to transform villages into resilient communities," it said.

In alignment with the vision of Visit Bharat 2047, she emphasised moving beyond basic infrastructure to achieve systemic urban governance reforms, transit-oriented development and municipal finance strengthening.

Sitharaman also underscored the critical role of private sector development in meeting India's infrastructure financing needs and encouraged ADB to play a catalytic role in enabling private investment.

Kanda assured continued ADB support for India's development agenda, including building on the bank's international experience and bringing in best practices.

The ADB president committed support for India's vision of becoming a developed nation by 2047.