According to U.S. Treasury Secretary Janet Yellen, the two countries are collaborating to create an investment platform to cut the cost of capital and boost private investment in order to accelerate India’s energy transition.
Following a bilateral discussion with India’s finance minister, Nirmala Sitharaman, outside of a G20 summit, Yellen stated that the two countries have been working together on a variety of economic concerns, such as enhancing supply chains and partnering commercially and technologically.
Specifically, she added, “We look forward to partnering with India on an investment platform to bring a lower cost of capital and higher private investment to hasten India’s energy transition.
She added that an agreement between the two nations on a universal minimum tax scheme was almost complete.
The fact that this is Yellen’s third trip to India this year demonstrates the growing affinity between the two nations.
When Prime Minister Narendra Modi paid a state visit to Washington last month, a number of high-tech and defense agreements were struck, underscoring the strengthening of bilateral relations.
Sitharaman stated that she was eager to further bilateral interests through development cooperation and fresh investment prospects through alternative investment platforms for renewable energy.
As we move forward, we reaffirm our dedication to achieving significant results through close involvement, she continued.
As soon as the G20 finance discussions conclude on July 18, Yellen will travel to Vietnam.
