U.S. Treasury Official Visits India to Enhance Bilateral Economic Ties

U.S. Treasury Official Visits India to Enhance Bilateral Economic Ties

On August 24 and 25, Deputy Secretary of the Treasury Wally Adeyemo traveled to Mumbai for meetings with private sector representatives, and India’s central bank.

In Mumbai, the Deputy Secretary met with the Reserve Bank of India Governor Shaktikanta Das to discuss global economic developments and the U.S. India Economic and Financial Partnership. He also met with private sector leaders and participated in a roundtable event with the U.S.-India Business Council and Indian financial services executives.

He reaffirmed the strong U.S.-India bilateral economic relationship and highlighted opportunities for working together to address shared global challenges like high and volatile energy prices. He reiterated the importance of well supplied global energy markets, “even as we work together with partners like India to expand access to sources of renewable energy that will reduce our dependence on fossil fuels over time.”

Adeyemo visited the Society for Innovation and Entrepreneurship start-up incubator at the Indian Institute of Technology Bombay in Mumbai, where he met with students and entrepreneurs and delivered brief remarks on strengthening economic ties between the U.S. and India, said the department of treasury.

In New Delhi on August 26, Deputy Secretary Wally Adeyemo met with government officials including Minister of Finance Nirmala Sitharaman, Principal Secretary to the Prime Minister PK Mishra, Ministry of Finance Secretary Ajay Seth, Ministry of External Affairs Secretary Vinay Kwatra, and Ministry of Petroleum and Natural Gas Secretary Pankaj Jain.

During the meetings in New Delhi, he continued to underscore the importance of deepening the United States and India’s already strong relationship, including through platforms such as the Quad and the Indo-Pacific Economic Framework. Adeyemo stressed that we can maintain a free and open Indo-Pacific that delivers greater prosperity for our citizens through those efforts, including through steps to bolster supply chain resiliency between trusted partners like the United States and India.

As India is set to lead the G20 grouping in 2023, Adeyemo discussed key shared priorities such as bolstering energy security, addressing food insecurity globally, and combating illicit financial flows.

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