- Wednesday, April 23, 2025
Yellen was jointly addressing the media with Indian finance minister Nirmala Sitharaman in Gandhinagar, the capital of Gujarat, ahead of the India-US dialogue as part of G20 meetings.
By: Shubham Ghosh
US TREASURY secretary Janet Yellen on Monday (17) said the US and India are among the closest allies in the world and that her country appreciates New Delhi’s leadership during its G20 presidency.
She added that bilateral trade between the two nations reached an all-time high last year and they expect it to grow further in the years ahead.
Yellen said this while jointly addressing the media with Indian finance minister Nirmala Sitharaman in Gandhinagar, the capital of the western state of Gujarat, ahead of the India-US dialogue as part of G20 meetings currently underway in the city.
Sitharaman said Modi’s visit to the US last month and his meeting with president Joe Biden have enhanced the strength and dynamism of partnership between the two countries.
In a statement, she said, “We highly value our bilateral relationship with India. The US and India are among the closest partners in the world. The US appreciates India’s leadership during its G20 presidency, and we will continue our close cooperation.”
The world is looking at the G20 to make progress on key challenges such as climate change and pandemics, she said.
“I am hopeful we can take significant concrete steps forward in our meetings. I appreciate India’s demonstrated leadership on debt issues as G20 president, including your support for G20 efforts to improve the multilateral debt restructuring process,” she said.
Yellen also welcomed India’s focus on advancing the evolution of multilateral development banks, or MDBs.
“It is vital that we use meetings like this to strengthen our coalition of shareholders that are working together to press for more ambition and specific reforms with respect to the MDBs’ vision, incentive structures, operational approaches, and financial capacity to better address global challenges,” she said.
As per an estimate, MDBs could unlock $200 billion over the next decade just from the measures already being implemented or under deliberation as part of this process, she said.
“We are also proud to have supported Ajay Banga’s candidacy to lead the World Bank. We believe that he is providing the right leadership to deliver on these critical reforms,” Yellen said. lauding the Indian-born executive who took over as the chief of the world body last month.
(With PTI inputs)
