The Finance Minister of India, Nirmala Sitharaman is on her visit to Washington DC and met her American counterpart, secretary of treasury Janet Yellen. They discussed global macroeconomic conditions, India’s G20 presidency, supply chains, clean energy and ways to deepen bilateral economic collaboration.
Yellen stated that the collaboration between India and the US was “essential” to resolving the most significant global economic concerns. She acknowledged that both countries were facing difficulties as a result of the recent global shocks that caused the food and energy crises, expressed appreciation for India’s involvement in the Indo-Pacific Economic Framework (IPEF), and stated that the United States supported India’s G20 presidency. The annual meetings of the International Monetary Fund and World Bank are organised in Washington DC and Sitharaman has visited to attend the same. She has a range of bilateral engagements with the G20 finance minister lined up. “The two leaders discussed the current global #Macroeconomic situation among other issues of mutual interest. The two Ministers also discussed various issues of significance with a view towards India’s upcoming #G20 Presidency,” the ministry of finance tweeted after the meeting
Yellen said in her opening remarks that the India-US partnership was crucial to their core economic interests and also demonstrated that democracies deliver to citizens and the world.
“It illustrates the close bonds between our two countries, from the Quad partnership to our strong bilateral economic relationship, and the cultural ties from the Indian diaspora in the US.”
Yellen continued that the two countries, India and the US were “both extremely important” to the world economy and she suggested that both must continue to work together on economic development and cooperation. India and the US faced “shared headwinds stemming from the COVID-19 pandemic and Russia’s unjust war against Ukraine”, acknowledged Yellen.
“Those global shocks have increased energy and food prices in both of our countries, highlighting the significance of the work made by both of our countries to strengthen their economies.”
The US praised India’s IPEF participation as well. According to Yellen, the IPEF will help the US and its allies “deepen economic ties, strengthen supply chains to prevent expensive disruptions, and help develop the guiding standards and rules for technological innovation in the years and decades to come.”
Yellen said she was looking forward to attending the US-India Economic and Financial Partnership meeting next month, which will be her first visit to India as Secretary. The summit, which is scheduled for November 11 in New Delhi, would provide an opportunity for them to assess the state of the world economy, talk about India’s G20 presidency, and work together on financial, technological, and regulatory concerns, according to Sitharaman. The next meeting’s agenda also includes items related to climate policies and infrastructure investment.