India, Italy Unveil 5-Year Action Plan to Drive Global Growth; PM Modi Sets 20 Billion Euro Trade Target
PM Modi and Italian PM Meloni launch the 2025-2029 Strategic Action Plan in Rome, targeting 20 billion euros in trade and a new global model.
- World News
- 5 min read
India and Italy are set to pioneer a fresh model of global cooperation centered on joint innovation and manufacturing. The announcement came on Wednesday from Prime Minister Narendra Modi, as both nations move to solidify their economic and strategic alliances under a comprehensive, long-term framework.
Speaking at a joint press conference in Rome alongside Italian Prime Minister Giorgia Meloni, PM Modi highlighted that bilateral relations are stepping into a structured, highly focused phase. This new chapter is steered by the newly minted Joint Strategic Action Plan 2025-2029. The high-level meeting took place during the final leg of PM Modi’s five-nation international tour.
A Futuristic Roadmap for Economic Ties
According to the Prime Minister, the five-year roadmap establishes a practical yet forward-looking blueprint for the alliance, with both capitals fully dedicated to executing its goals within a strict timeframe. On the economic front, commercial ties are surging, with bilateral trade rapidly closing in on a 20 billion euro milestone.
"In today's meeting, we discussed in detail how to further strengthen our future partnership. The India-Italy Joint Strategic Action Plan 2025 to 2029 provides a practical and futuristic framework for our partnership. We are moving forward on this in a time-bound manner. In our joint efforts, bilateral trade is rapidly moving towards the target of 20 billion Euros," the Prime Minister said.
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Business Forum Sparks New Ambitions
The commercial synergy between the two nations is already visible on the ground. PM Modi pointed out that over 800 Italian enterprises are currently running operations in India. These companies are actively driving India’s domestic economic momentum while simultaneously gaining a strong foothold in its rapidly expanding market and technology ecosystem.
The Prime Minister noted that the ongoing India-Italy Business Forum serves as a clear indicator of the rising confidence among corporate leaders, particularly within fast-growing industries. "More than 800 Italian companies present in India are becoming active partners in India's growth story. From the Business Forum being organised today, it is clear that there is a new enthusiasm, new confidence, and new ambition among the business leaders of both countries," he added.
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During the Joint Press Conference PM Modi says, 'Our shared initiative against terror financing has presented an important example before the entire world. India and Italy have given this clear message that responsible democracies do not merely condemn terrorism, but also take concrete steps to dismantle its financial networks... We have been in constant contact regarding Ukraine, West Asia, and other tensions. India's stance is clear that all problems should be resolved through dialogue and diplomacy...'
'Design and Develop' for the Global Market
Delving into the specifics of industrial and technological synergy, PM Modi highlighted how the unique strengths of each nation perfectly complement the other. "Italy is known globally for design and precision. India is recognised as a powerhouse of scale, talent and affordable innovation," he said.
This natural compatibility will serve as the bedrock for all future joint ventures. "Therefore, we will move forward on the principle of 'Design and Develop in India and Italy and Deliver for the World'," he stated.
In a joint press statement with Italian PM Giorgia Meloni, PM Modi says, 'Rome is known as the 'Eternal City' in the world. My Lok Sabha constituency in India, Kashi, is also known similarly. When two civilisations meet, then discussions are not limited to an agenda, but the depth of history, a glimpse of the future...'
The collaborative blueprint spans a diverse array of sectors. Both nations plan to pool resources in manufacturing, fintech, fashion, logistics, leather, and mobility, aiming to create high-value outputs for international consumers.
Pushing for the India-EU Free Trade Agreement
The bilateral talks also focused on broader trade policies. PM Modi extended his gratitude to Prime Minister Meloni for Italy's continued backing in advancing the India-European Union Free Trade Agreement (FTA). He emphasized that both governments are committed to fast-tracking the pact to unlock new opportunities for their respective business communities.
"From fashion to fintech, from leather to logistics, from mobility to manufacturing, in every field, we will join our strengths and work for the welfare of all humanity. I express my special gratitude to Prime Minister Meloni for the cooperation received from Italy in concluding the India-EU FTA. Together we will work for its earliest implementation so that business communities can take full advantage of it," he stated.
Earlier on Wednesday, Prime Minister Modi received an official ceremonial Guard of Honour in the Italian capital before heading into delegation-level discussions with PM Meloni. Rome marked the final stop of PM Modi's multi-nation tour, following diplomatic visits to Norway, Sweden, the Netherlands, and the United Arab Emirates.