India Targets 100 New Airports in Major UDAN Expansion

New Delhi, September 02, 2026 Union Finance and Corporate Affairs Minister Nirmala Sitharaman’s meeting with World Bank Group President Ajay Banga on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Asheville highlighted India’s efforts to deepen its engagement with global financial institutions. The discussions centred on expanding the India-World Bank partnership beyond traditional lending, with a stronger focus on infrastructure, private investment, innovation and knowledge-sharing. Sitharaman appreciated the World Bank Group’s continued support and engagement with India, including the speedy processing of $1.5 billion in Development Policy Financing (DPF). She also acknowledged the International Finance Corporation’s (IFC) support for micro, small and medium enterprises through the Small Industries Development Bank of India (SIDBI). The assistance, processed in record time, has had a positive impact on the MSME sector. The two leaders discussed the possibility of a larger role for the Multilateral Investment Guarantee Agency (MIGA) in India. The focus was on using guarantees systematically to strengthen corporate, infrastructure and municipal bond markets while mobilising greater private capital. They also examined a sector-based and programmatic approach towards credit enhancement for infrastructure projects. Banga appreciated the significant transformation in India’s infrastructure sector and pointed to opportunities for greater use of World Bank Group instruments to support the country’s development ambitions, including stronger MIGA engagement and political risk insurance for Indian companies investing overseas. Digital Public Infrastructure and tourism development also featured prominently in the discussions. Sitharaman highlighted India’s engagement with the World Bank Group on establishing a Global Digital Public Infrastructure (DPI) Knowledge Hub in India. The two sides explored the use of technology in areas such as agriculture, with the Finance Minister expressing hope for early progress towards the launch of the initiative. They also discussed developing globally competitive tourism destinations under the new India-World Bank Group Country Partnership Framework, combining policy and infrastructure support from the International Bank for Reconstruction and Development (IBRD), IFC investments and MIGA guarantees. The meeting ultimately reflected a shared vision of taking the India-World Bank Group relationship beyond the conventional lender-borrower framework. The proposed partnership seeks to create a strategic platform built around global knowledge, innovation and private capital mobilisation, combining India’s scale and implementation capacity with the World Bank Group’s international expertise and financing instruments to support the country’s wider development goals.