The United States is collaborating with India to create an investment platform to bring down the price of capital and blossom private investment to fast-track India’s energy transition, US Treasury Secretary Janet Yellen said on Monday. After a bilateral meeting with India’s Finance Minister Nirmala Sitharaman on the sidelines of a Group of 20 (G-20) meeting, Ms Yellen said the two countries have been dealing in partnership across a variety of economic problems, which involves commercial and technological partnership and polishing supply chains.
“In specific, we want to work with India on an investment platform to deliver a lower cost of capital and increased private investment to speed India’s energy transition,” she said. She also added that the two nations are near to reaching an agreement on the global minimum tax system. The trip is Ms Yellen’s third to India in 2023, which is raising expectations of the development of closeness between the two countries. The growth in bilateral relations was given consideration and importance by Prime Minister Narendra Modi’s state visit to Washington in June, which saw a slew of defence and high technology deals being signed. Ms Sitharaman said she was willing to furthering bilateral interests through growth cooperation and new investment ideas through alternate investment platforms for renewable energy.