INSUBCONTINENT EXCLUSIVE:
Union Finance Minister Nirmala Sitharaman and United States Treasury Secretary Janet Yellen on Friday said the biggest challenge facing
their respective countries was inflation, caused by high prices of energy and food on account of the war in Europe
Both said there was a need for increased cooperation between India and the US amid global headwinds caused by geopolitical uncertainties
In part because high inflation is a challenge that many advanced and developing countries face in common and central banks are first and
foremost trying to deal with these problems
Yellen was in New Delhi for the ninth meeting of the Indo-US Economic and Financial Partnership forum
She and Sitharaman also interacted with Indian industry leaders
needs that we consume are imported
The spectre of the war in Europe and its impact on commodity and food prices featured in a joint statement released by the two countries
commodity and energy prices as well as supply side disruptions, and we reemphasised our commitment to the central role of multilateral
It said both sides had affirmed their commitment to debt sustainability, transparency in bilateral lending, coordinating closely on
extending fair and equal debt treatment to countries facing debt distress, and reiterated their commitment to step up efforts to implement
the G-20 Common Framework for Debt Treatment in a predictable, timely, orderly, and coordinated manner
But challenges like this help strengthen partnerships like the one that exists between the US and India by demonstrating the necessity of
Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen termed inflation as their biggest challenge
Photo: PTI When asked on cryptocurrency regulations during the industry interaction, Yellen said this was an area where international
collaboration was important -- collaboration among public authorities, the private sector, and other stakeholders and where there was need
for a high regulatory standard globally
Yellen said ties between India and the US could be instrumental in supporting economic prosperity across the Indo-Pacific region, and the
US was looking forward to discussing shared priorities with India as the latter assumed presidency of the G-20
States and the commitment of both the leaders towards consolidating a strategic partnership
She said India still offered an environment with a competitive cost of labour for American companies, and that the latter should transfer
technology to their Indian partners
The finance minister added these platforms served as important fora for stronger collaboration in developing sustainable economies and
ensuring global health security, resilient supply chains, clean energy technologies, green infrastructure, and climate finance
Also present in the discussion were Reserve Bank of India Governor Shaktikanta Das, Economic Affairs Secretary Ajay Seth, and Chief Economic
Advisor V Anantha Nageswaran
