India’s Finance Minister Pranab Mukherjee also addressed the event, which was jointly organized by the Government of India and ADB.

Economic reform over the past quarter century has transformed India into a middle-income country. It is now the world’s fourth largest economy in purchasing power parity terms.

At the same time, major challenges need to be overcome, Mr. Kuroda said. “As India’s policymakers correctly–and with considerable foresight–anticipated around a decade ago, sustaining high growth is not enough. India will also have to ensure that growth is more inclusive.”

Mr. Kuroda added that ADB has been privileged to partner with India in its endeavor to achieve inclusive and sustainable growth. “While we remain committed to strengthening important sectors such as energy, transportation, and urban infrastructure, we have diversified into new sectors such as rural development, water resources management, agribusiness infrastructure development and financial inclusion.”

In line with the government’s strategy for more balanced regional growth, ADB has increasingly focused its assistance on states that are economically weaker.

Between 1986 and 2010, ADB has supported over 150 projects across eight sectors, with an estimated cost of $24 billion. ADB projects are spread across 20 states throughout India. ADB’s management recently approved a new three-year country operations business plan for 2012-2014 that will provide lending assistance of $6.25 billion to support inclusive and sustainable growth in the country.

Mr. Kuroda also addressed the Eminent Persons’ Forum today, and joined in discussions on the long-term development challenges and opportunities facing Asian countries. He also joined Mr. Mukherjee in launching two commemorative publications highlighting ADB’s partnership with India and contributions to infrastructure development.

While in India, Mr. Kuroda will visit ADB-funded projects in Madhya Pradesh, meeting project beneficiaries and state Government officials. His program also includes visits to an urban development project in Indore and the Bhopal-Vidisha road, as well as energy projects supported by ADB.