Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen, who’re visiting India all day, will focus on quite a few problems with mutual curiosity, together with local weather finance right this moment.

The 2 leaders will lead the ninth assembly of the India-US Financial and Monetary Partnership. President Yellen will go to India all day on his November eleventh.

“On the ninth India-US EFP Convention, either side mentioned local weather change finance, multilateral points, India-US cooperation on the G20 chaired by India, taxation, provide chain resilience, international financial system, macroeconomic outlook, and many others. , will focus on problems with mutual curiosity,” the ministry mentioned in a tweet.

“Alongside the ninth India-US EFP Convention, @nsitharaman and @SecYellen may even take part in a roundtable dialogue on India-US enterprise and financial alternatives with high enterprise leaders and eminent economists.” One other tweet mentioned.

The ninth Indo-U.S. Bystander #EFP Convention, Smt. @nsitharaman and Dr. @SecYellen He may even take part in roundtable discussions on enterprise and financial alternatives in India and the US with high enterprise leaders and eminent economists. (3/3)

— Ministry of Finance (@FinMinIndia) November 10, 2022

In an interview with PTI, Yellen The U.S. argues that Russia doesn’t wish to “unfairly revenue” from the battle by having fun with an inherently very excessive value because of the aggression of Ukraine, and India has set a proposed oil value ceiling. He mentioned he would “revenue” from

Creating international locations reminiscent of India and China are more and more shopping for Russian oil at discounted costs as international vitality costs stay excessive and Western international locations search to scale back their dependence on Russian vitality.

Janet Yellen praised Prime Minister Narendra Modi’s latest sharper tone on the battle after avoiding denouncing Russian aggression for many of this 12 months. “Prime Minister Modi was proper when he mentioned, ‘This isn’t the time for battle,'” he mentioned.

“We consider it’s a ethical crucial to finish the battle in Russia. Additionally it is the very best we will do to assist the worldwide financial system. It’s a view broadly shared amongst

Officers in India, a rustic with long-standing ties to Russia, say it is going to profit India’s financial system regardless of efforts by the US and its Western allies to impose value caps on Russian oil exports. It mentioned it is going to proceed to purchase Russian oil at discounted costs. .

Treasury officers say they don’t seem to be attempting to steer India to cease shopping for Russian oil, however wish to strengthen US-India ties via commerce and monetary integration.

A lot of the main focus is on making fast-growing India a counterbalance to China in Asia and a dependable supply of products and providers for the U.S. financial system.

“America and India share a typical curiosity in strengthening provide chains in a world the place sure governments wield commerce as a geopolitical weapon,” Yellen mentioned in excerpted remarks. He cited Russian restrictions on the sale of pure gasoline for example.

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