Finance Minister Nirmala Sitharaman Tuesday met with US Treasury Secretary Janet Yellen right here and the 2 leaders mentioned strengthening the India-US financial and monetary partnership and rising engagements at bilateral and multilateral boards.
Sitharaman, who’s main a high-powered delegation, met Yellen on the sidelines of the World Bank and IMF Spring Meetings 2023 right here.
“Taking the discussions ahead from their last meeting during the Economic Financial Dialogue #EFD, in India, in Nov. ’22, the two leaders discussed strengthening the India-US economic & financial partnership and increasing engagements at bilateral and multilateral forums,” the finance ministry mentioned in a collection of tweets.
Sitharaman appreciated the multi-faceted India-US partnership and referred to as for additional cooperation in addressing world financial challenges, together with local weather change. She additionally highlighted the position of G20, QUAD and IPEF in fostering this partnership.
During the assembly, she additionally emphasised the significance of coordinated world motion to handle debt vulnerability in low and middle-income international locations, in addition to the necessity for monetary assist to assist creating economies obtain their local weather targets.
Yellen applauded India for specializing in advancing the evolution of the multilateral growth financial institution throughout its G-20 presidency.
The US is trying ahead to persevering with its shut cooperation with India to assist make India’s G20 presidency successful, Yellen informed Sitharaman.
“I want to commend your presidency for its focus on advancing the evolution of the multilateral development banks. As you know, this initiative is a priority of mine and will be a major focus of our conversations this week,” she mentioned.
Yellen mentioned the actions proposed for the World Bank’s Development Committee are a really optimistic step, however rather more work lies forward of us this 12 months. The G-20 can carry sturdy political momentum to bear to guarantee that the multilateral growth banks speed up their work on twenty first century world challenges as a part of their effort to finish excessive poverty and develop shared prosperity, she mentioned.
She additionally mentioned that having the suitable management on the World Bank is essential in furthering the progress that they’ve made. “That’s why I’m very pleased with President (Joe) Biden’s choice of Ajay Banga as our nominee to be the next President of the World Bank,” she mentioned.
Banga, she mentioned, has the suitable management and administration expertise, background, and monetary experience to guide the World Bank at a essential second in its historical past.
“And, of course, Ajay was born and spent much of his career in India. He has a keen understanding of the economic opportunities present in developing countries that will serve him well if he’s selected,” the treasury secretary mentioned.
“We also welcome India’s demonstrated leadership on debt issues as G-20 president, and support your efforts to improve the debt restructuring process. The US also applauds your efforts to transition to renewable energy and stands ready to provide support in achieving your target of 500 gigawatts of non-fossil generation capacity by 2030,” Yellen mentioned.
Sitharaman additionally met with former commerce secretary Penny Pritzker and so they mentioned in regards to the Digital Public Infrastructure (DPI), offering accessibility for all, together with Start Ups, in addition to supporting development of FinTech.
She knowledgeable Pritzker that scaling up of Digital Infrastructure and adoption of tech by frequent folks in India has been phenomenal in the final couple of years.
The minister highlighted that in the area of producing, India has the proper of expertise, together with manpower and language proficiency together with an enormous home market which offers a big scaling benefit to the non-public sector.
In reference to the Union Budget 2023-24, Sitharaman knowledgeable Pritzker that India has introduced establishing of three centres of excellence in the world of synthetic intelligence as it’s a key focus for the federal government.
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