The Finance Minister and the International Monetary Fund's Managing Director met this week in Asheville in the US, alongside the G20 gathering of finance ministers and central bank governors. Georgieva commended India's growth record and its ability to strengthen the economy.

Sitharaman highlighted deeper changes in the way India's economy functions. She said these should be captured adequately in the IMF's economic reviews and growth forecasts. Her emphasis was on monitoring backed by evidence that reflects conditions in emerging markets and developing economies.

According to the Finance Ministry, the conversation also covered India's underlying economic strengths, including inflation stability and debt levels that remain manageable. Another focus was the IMF's work to help public institutions improve policy design and the statistical systems used to measure economic activity.

Georgieva conveyed her commitment to close cooperation with India to help the global economy withstand shocks. Both sides supported continued engagement to improve analytical capabilities and support sound economic policymaking. The report did not state any revised IMF growth estimate for India or announce a banking-specific measure.