India and the US expressed commitment to strengthen bilateral relations. Both nations are looking forward to new investment opportunities through ‘alternate investment platforms’ for renewable energy.
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India and the US are engaging in further improving the bilateral ties and exploring alternate mechanisms for funding energy transition. Both countries are committed to actively pursuing the G20 agenda which includes strengthening Multilateral Development Banks (MDBs) and taking coordinated action to deal with climate change.
Finance Minister Nirmala Sitharaman said, “India will look forward to furthering … bilateral interests through development cooperation and new investment opportunities through alternate investment platforms for renewable energy.
The finance minister added, “By leveraging each other’s expertise and resources, we actively promote economic growth, foster innovation, and drive sustainable development.”
US Treasury Secretary Janet Yellen said in a statement, “The US will look forward to working with India on an investment platform to deliver a lower cost of capital and increased private investment to speed India’s energy transition.”
The US Treasury Secretary emphasized the need for India and the US together to press for more ambitious and specific reforms with respect to multilateral development banks (MDBs) vision, incentive structures, operational approaches, and financial capacity for effectively addressing the global challenges.
The bilateral trade between the US and India was over US$ 191 billion in 2022, almost double the trade that was recorded in 2014.
India and the US are collaborating across a wide range of economic issues. These include commercial and technological collaboration, strengthening supply chains, and accelerating the clean energy transition.
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