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☆ Why India’s economy under Modi offers a real alternative to China
▼ + stars: | 2024-02-26 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

The market value of companies listed on India’s exchanges crossed $4 trillion in late November. But the country is stuck in recession and recently lost its position as the world’s third biggest economy to Germany. While interest in the world’s fifth largest economy is rising, the lofty prices of India’s stocks are scaring some international investors away. According to Macquarie, retail investors alone own 9% of India’s equity market value versus foreign investors at slightly under 20%. China “has a few too many companies which are $100 and $200 billion plus [in value],” Mittal said.

Persons: Peeyush Mittal, there’s, ”, Mittal, They’ve, Narendra Modi, Indranil Mukherjee, Jefferies, “, MSCI, Aditya Suresh, Modi’s, Modi, there’ll, ” Suresh, shoring, Hubert de Barochez, Elon Musk, India “, ” Musk, Suresh, Satish Babu, China “, ” Mittal, Priyanka Agnihotri, Nirmala Sitharaman Organizations: New, New Delhi CNN —, Matthews Asia, Getty, Macquarie Capital, Bharatiya Janata Party, Monetary Fund, Jefferies, Capital Economics, Apple, Foxconn, ”, Workers, Chennai Metro Rail, Advisory, Indian Locations: New Delhi, Jaipur, San Francisco, India, China, Shanghai, Shenzhen, Hong Kong, Japan, Germany, Beijing, Washington, “ India, Macquarie, Chennai, Baltimore

A man exercises in a gym near a barcode for Paytm, an Indian cellphone-based digital payment platform, in New Delhi on November 18, 2021. The Indian Finance Ministry, the RBI and Paytm did not immediately respond to CNBC's requests for comment. A Paytm spokesperson has denied any violation of foreign exchange laws, calling them "unfounded and factually incorrect," according to Reuters. The shares saw a massive three-day sell-off following the RBI's order last week which wiped out more than $2.5 billion in value, before a subsequent bounce. Earlier in the week, Indian billionaire Mukesh Ambani's Jio Financial Services denied media reports it was buying Paytm's wallet business.

Persons: Paytm, It's, Vijay Shekhar Sharma, Nirmala Sitharaman, Sharma, Mukesh Ambani's Organizations: Reserve Bank of, CNBC, Reuters, Indian Finance Ministry, One97 Communications, India's National Stock Exchange, Financial Services Locations: New Delhi, Reserve Bank of India

☆ Full interview with India's Finance Minister Nirmala Sitharaman
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFull interview with India's Finance Minister Nirmala SitharamanIndian Finance Minister Nirmala Sitharaman spoke to CNBC's Sri Jegarajah in a wide-ranging interview on the possibility of a credit ratings upgrade, external risks, and economic agenda, as the Indian General Election approaches in 2024.

Persons: Nirmala, Nirmala Sitharaman Organizations: India's, Indian Locations: Jegarajah

☆ It'll work in our favor if economic issues dominate the election, Indian finance minister says
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt'll work in our favor if economic issues dominate the election, Indian finance minister saysNirmala Sitharaman, Indian finance minister, discusses the issues that might dominate the 2024 Indian general election.

Persons: Nirmala Sitharaman

☆ India set to clock up to 8% GDP growth as it boosts manufacturing capacity, minister says
▼ + stars: | 2024-02-02 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +4 min

Workers assemble mobile phones at a Dixon Technologies factory in Noida, India, on Jan. 28, 2021. Bloomberg | Bloomberg | Getty ImagesIndia could clock up to 8% annual GDP growth for several years as it focuses on boosting its manufacturing capabilities, a key government minister told CNBC on Thursday. watch nowHe spoke extensively about the country's mobile manufacturing ecosystem, claiming that 99% of the phones used in India were made within the country. The country exported $11 billion mobile phones last year, and they are likely to rise to between $13 billion and $15 billion in 2024, Vaishnaw said. Apple 's presence in India has grown exponentially since it first started manufacturing in the country in 2017.

Persons: Vaishnaw, Narendra Modi's, Nirmala Sitharaman, CNBC's, Apple, OnePoll, Joe Biden, India's Modi, Narendra Modi, Modi, Mandel Ngan Organizations: Dixon Technologies, Bloomberg, Getty, CNBC, Union, Railways, Communications, Electronics, Technology, CNBC's Sri, Deloitte, India, Apple, Samsung, Micron, U.S, India's, White, Afp Locations: Noida, India, Delhi, Mumbai, Chennai, China, Washington ,

☆ India's finance minister touts unlikely export growth in a world of uncertainty
▼ + stars: | 2024-02-02 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +4 min

Finance Minister Nirmala Sitharaman addresses the media after the interim budget on February 1, 2024 in New Delhi, India. So a lot of new people are accessing India," Sitharaman said, while touting that India was able to showcase its digital public infrastructure at the G20 summit it hosted in New Delhi last year. Sitharaman, when asked about what economic issues will define the vote, said "if economic issues are to dominate the election, it would be the recipients of the beneficiaries themselves coming out to say, 'I'm empowered now'." "If anything, for us it will be performance on the economic issues, good performance, inclusive growth that we've offered." The interim budget is typically a stop-gap financial plan during an election year, aimed at meeting immediate financial needs before a new government is formed.

Persons: Nirmala Sitharaman, Sitharaman, CNBC's, CNBC's Sri Jegarajah, Narendra Modi's, Pranjul Bhandari, Bhandari, Anantha Nageswaran Organizations: Hindustan Times, Getty, India's, CNBC's Sri, Mar, CNBC, India's Finance Locations: New Delhi, India, Europe, America, Brazil, Africa, Indonesia

NEW DELHI (AP) — India’s finance minister unveiled on Thursday a short-term budget to meet government expenditures until national elections are held by May, saying it will boost spending on infrastructure projects, build homes for poor villagers and cut the fiscal deficit by reducing subsidies. The short-term budget is mostly free of big-spending new programs. The short-term budget must be approved by Parliament. The government allocated $145 billion for infrastructure projects in the short-term budget. The Modi government’s budget last year totaled $550 billion and focused on ramping up capital spending to spur economic growth.

Persons: Nirmala Sitharaman, Narendra Modi’s, giveaways, Modi, Sitharaman, Sibi Arasu Organizations: DELHI, —, Parliament, Monetary Fund Locations: India, United Kingdom, Bengaluru

India's Finance Minister Nirmala Sitharaman along with her staff poses for pictures as she leaves the Finance Ministry Office to present the annual budget in parliament in New Delhi on February 1, 2024. India's finance minister, Nirmala Sitharaman, said on Thursday the country's fiscal deficit for financial year 2025 will narrow to 5.1% from the revised 5.8% for 2024. Capital expenditure will rise by 11.1% to 11.11 trillion rupees ($133.9 billion) in fiscal year 2025, while tax revenue for the year would be 38.31 trillion rupees ($461.7 billion), she said while presenting the interim budget before the general elections. As much as 750 billion rupees at a 50-year interest free loan will be set aside for states to boost tourism. The Finance Ministry said earlier this week that India could become the world's third-largest economy by 2027 with a gross domestic product of $5 trillion.

Persons: Nirmala Sitharaman, Sitharaman Organizations: India's, Finance Ministry Office, Finance Ministry Locations: New Delhi, India

Vipin Kumar | Hindustan Times | Getty ImagesIndia is set to release its interim budget for 2024 on Thursday, ahead of the country's highly anticipated general elections. The interim budget is seen as a stop-gap financial plan during an election year, aimed at meeting immediate financial needs before a new government is formed. Typically, the interim budget won't include big and sweeping policy announcements. Fiscal deficit targetIndia's fiscal deficit stands at 6.4% of gross domestic product for the 2023-2024 financial year. TaxesDon't expect significant shifts in taxation as this is only an interim budget, analysts say.

Persons: Vipin Kumar, Nirmala Sitharaman, Nomura, Goldman Sachs, Goldman, Nilesh Shah, Shah, it's, Bathini, Modi, India's Organizations: Hindustan Times, Getty, India, Bharatiya Janata Party, Goldman, Mahindra Asset Management, CNBC, Capital, WealthMills Securities, India's Finance, BJP Locations: New Delhi, India, China, Japan, Germany

☆ India set to be world's third largest economy by 2027, finance ministry says
▼ + stars: | 2024-01-30 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

India could become the world's third-largest economy by 2027 with a gross domestic product of $5 trillion, the finance ministry has said. The projections come ahead of an interim budget due to be released later this week. In a report released Monday, the finance ministry said the economy is poised to grow at or above 7% in the fiscal year 2024. If it meets this year's target, it will be the third straight year of 7% GDP growth for India. India's chief economic advisor, V Anantha Nageswaran, said the government's goal is to become a developed country by 2047.

Persons: Nirmala Sitharaman, V, Nageswaran Organizations: Indian Finance, Bombay Stock Exchange Locations: Mumbai, India

☆ Israel-Gaza Conflict Challenge to US-Backed Economic Corridor - India Minister
▼ + stars: | 2023-11-15 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - The Israel-Gaza conflict is a "worrying manifestation" of geopolitical challenges for the U.S.-backed multinational economic corridor, India's finance minister Nirmala Sitharaman said on Wednesday. In September, global leaders announced a rail and ports deal linking the Middle East and South Asia, as the U.S. seeks to counter China's Belt and Road push on global infrastructure with a new economic corridor. The proposed corridor will pass through Israel, which has been engaged in a fierce conflict with Hamas in the Gaza strip, in retaliation for the militants' cross-border assault into Israel on Oct. 7. "It (the corridor) is not without its geopolitical challenges and the ongoing conflict in Israel and Gaza is a worrying manifestation of these," Sitharaman said during a conference. (Reporting by Shivangi Acharya; Writing by Kanjyik Ghosh; Editing by Muralikumar Anantharaman and Christian Schmollinger)

Persons: Nirmala Sitharaman, Sitharaman, Shivangi Acharya, Kanjyik Ghosh, Muralikumar Anantharaman, Schmollinger Organizations: Reuters, U.S Locations: Israel, Gaza, East, South Asia, U.S

☆ India cuts GST on molasses to 5%, says some millet products exempt
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, Oct 7 (Reuters) - Top officials on India's Goods and Services Tax (GST) Council on Saturday said some millet products would be exempted from the levy, and that the GST on molasses would be cut to 5% from 28%. Finance Minister Nirmala Sitharaman said the council had decided to exempt GST on some millet flour products, on which it currently stands at 18%. The council, which includes the federal finance minister and state finance ministers, has also approved a 5% GST rate for millet sold in prepackaged and labelled form. Sitharaman said she hoped the cut to GST on molasses would benefit sugarcane farmers. Reporting by Nikunj Ohri; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nirmala Sitharaman, Sitharaman, Nikunj Ohri, Jan Harvey Organizations: India's Goods, Services Tax, Thomson Locations: DELHI, prepackaged

☆ Around 22 countries exploring bilateral trade with India in rupee - finance minister
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: 1 min

Sept 15 (Reuters) - Around 22 countries were negotiating and exploring bilateral trade with India in rupees, Nirmala Sitharaman, the South Asian country's finance minister said on Friday. "About 22 countries are negotiating and approaching us to see if bilateral trade can be held (in rupees). It is also because many of... those countries are running short of dollar," Sitharaman told news channel NDTV during an interview. Reporting by Nikunj Ohri and Shivangi Acharya, writing by Shilpa Jamkhandikar; editing by Sudipto GangulyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nirmala Sitharaman, Sitharaman, Nikunj Ohri, Shivangi Acharya, Shilpa Jamkhandikar, Sudipto Ganguly Organizations: NDTV, Thomson Locations: India

☆ India PM Modi says G20 leaders' declaration adopted
▼ + stars: | 2023-09-09 | by ( ) www.reuters.com time to read: +1 min

A giant screen displays India's Prime Minister Narendra Modi at the International Media Centre, as he sits behind the country tag that reads "Bharat", while delivering the opening speech during the G20 summit in New Delhi, India, September 9, 2023. REUTERS/Anushree Fadnavis Acquire Licensing RightsNEW DELHI, Sept 9 (Reuters) - Indian Prime Minister Narendra Modi said on Saturday that the G20 had reached a consensus on a leaders' declaration and announced its adoption during the first day of its annual summit. "On the back of the hard work of all the teams, we have received consensus on the G20 Leaders Summit Declaration," Modi told the bloc leaders in New Delhi, before clapping the table for a few seconds in celebration. "I announce the adoption of this declaration," Modi said, flanked by India Foreign Minister Subrahmanyam Jaishankar and Finance Minister Nirmala Sitharaman. The announcement came after delegates from the world's most powerful countries reached a compromise on language to describe the war in Ukraine, Reuters reported earlier.

Persons: Narendra Modi, Anushree, Modi, Subrahmanyam Jaishankar, Nirmala Sitharaman, Chris Thomas, Jacqueline Wong, Kim Coghill Organizations: International Media Centre, REUTERS, Indian, India Foreign, Reuters, Thomson Locations: New Delhi, India, DELHI, Ukraine, Russia

☆ Yellen to attend India G20 summit, focus on economy, climate, Ukraine
▼ + stars: | 2023-08-31 | by ( David Lawder | ) www.reuters.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen addresses the media, along with Indian Finance Minister Nirmala Sitharaman, on the sidelines of a G20 meeting at Gandhinagar, India, July 17, 2023. REUTERS/Amit Dave/File Photo Acquire Licensing RightsWASHINGTON, Aug 31 (Reuters) - U.S. Treasury Secretary Janet Yellen will travel to New Delhi to participate in the G20 leaders summit from Sept. 7-10, making her fourth visit to India in 10 months, the Treasury Department said on Thursday. Yellen intends to focus at the summit on strengthening the global economy and supporting low- and middle-income countries by advancing efforts on debt restructurings, the evolution of multilateral development banks (MDBs) and building International Monetary Fund trust fund resources, the Treasury said. The Treasury said Yellen also will rally America's G20 allies to maintain economic support for Ukraine and increase costs on Russia over Moscow's continuing war in Ukraine. Reporting by David Lawder Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Nirmala Sitharaman, Amit Dave, Yellen, Moscow's, Yi Gang, David Lawder, Bill Berkrot Organizations: Treasury, Indian Finance, REUTERS, Rights, . Treasury, Monetary Fund, Bank, People's Bank of, Thomson Locations: Gandhinagar, India, New Delhi, Ukraine, Russia, China, U.S, Indonesia, People's Bank of China's, Beijing

"There is an understanding with Tesla's proposal and government is showing interest," said the official, who is familiar with the issue. Indonesia, for example, has offered to reduce import duties from 50% to zero for EV makers planning investments, a move seen aimed at attracting Chinese players and Tesla. Tesla first tried to enter India in 2021 by pushing officials to lower the 100% import tax for EVs. One of the sources said Tesla told Indian officials a potential India factory could operate at full capacity by 2030. Outside the United States, Tesla currently has a plant in Shanghai - its largest factory worldwide - and one outside Berlin.

Persons: Narendra Modi, Elon Musk, Tesla, Tesla's, Nirmala Sitharaman, Rohan Patel, Aditi Shah, Aditya Kalra, Shivangi Acharya, Kevin Krolicki, Raju Gopalakrishnan, Sharon Singleton Organizations: India's, India's Press, REUTERS, India EV, NEW DELHI, Indian, Tata Motors, Reuters, Mahindra, Tata, EV, EVs, Thomson Locations: New York City , New York, U.S, India, Tesla, New Delhi, Indonesia, United States, Shanghai, Berlin, Mexico

☆ High food prices put populism on India’s table
▼ + stars: | 2023-08-22 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Prices of tomatoes, onions, potatoes, pulses and spices – all the basic ingredients - are soaring as the world’s most populous country heads towards key state polls later this year and national ones soon after. It increases the temptation for Prime Minister Narendra Modi’s ruling Bharatiya Janata Party to indulge in some fiscal populism. Reuters Graphics Reuters GraphicsA surge in food prices drove annual retail inflation to 7.44% in July, the most in 15 months. Elections will be held this year in five of India’s 28 states, including heavyweight constituencies Madhya Pradesh and Rajasthan. India banned the export of non-basmati rice on July 20 to clamp down on rising domestic prices of the grain.

Persons: Narendra Modi’s, Modi, Nirmala Sitharaman, Una Galani, Thomas Shum Organizations: Reuters, Bharatiya Janata Party, Reuters Graphics Reuters, Madhya, Bloomberg, India’s, IDBI, India’s Ministry of Finance, Reserve Bank, Thomson Locations: MUMBAI, Nepal, Madhya Pradesh, Rajasthan, Karnataka, New Delhi, India

Russian President Vladimir Putin speaks during the Second Summit Economic And Humanitarian Forum Russia Africa on July 27, 2023 in Saint Petersburg, Russia. Russian President Vladimir Putin is weighing whether to attend his first in-person meeting with Western leaders since his forces invaded Ukraine in 2022, a Kremlin source tells NBC News. In 2014, after Russia's annexation of Crimea, Putin was publicly shunned and sidelined during the G20 meeting in Australia. Next month's G20 summit is already set to be the most contentious in years and an important litmus test of many countries' true positions on Ukraine. "And some of the leaders, including President Biden, already decided to ignore President Putin and not take any picture with him."

Persons: Vladimir Putin, Putin, hasn't, Xi Jinping, Alexey Maslov, Maslov, Jonathan Eyal, Dmitry Peskov, Nirmala Sitharaman, Cyril Ramaphosa, Andrei Fedorov, Russia's, Putin's, Fedorov, Biden, Jamal Khashoggi, Modi, Eyal Organizations: Russia Africa, Summit ., Western, NBC News, Kremlin, Institute of, Studies, Moscow State University, Royal United Services Institute, International, ICC, United Nations, Washington Post, Mr Locations: Saint Petersburg, Russia, Ukraine, New Delhi, Russian, Belarus, China, Central, London, Crimea, Australia, Bali , Indonesia, France, Bali, Russia's, Johannesburg, Brazil, India, South Africa, Rome, United States, Saudi Arabia, Saudi

India's defence ministry did not respond to Reuters questions. The U.S. Congress in 2019 banned the Pentagon from buying or using drones and components made in China. India has set aside 1.6 billion rupees ($19.77 billion) for military modernisation in 2023-24, of which 75% is reserved for domestic industry. But the ban on Chinese parts has raised the cost of making military drones locally by forcing manufacturers to source components elsewhere, government and industry experts said. Sameer Joshi, founder of Bengaluru-based NewSpace Research and Technologies, a supplier of small drones for India's military, said 70% of goods in the supply chain were made in China.

Persons: Narendra Modi, Sameer Joshi, Joshi, Dilip, ADE, Nirmala Sitharaman, Narang, Krishn Kaushik, Joe Cash, David Crawshaw, YP Rajesh Organizations: Reuters, U.S, Congress, Pentagon, Research, Technologies, Manohar Parrikar Institute for Defence Studies, Finance, YP, Thomson Locations: DELHI, India, China, Delhi, cyberattacks, Beijing, Bengaluru, Polish

☆ India gives partial relief on tax to online gaming firms
▼ + stars: | 2023-08-02 | by ( Nikunj Ohri | ) www.reuters.com time to read: +1 min

NEW DELHI, Aug 2 (Reuters) - India has decided to levy taxes on online gaming companies on the total funds deposited to play online games and not on every bet, federal Finance Minister Nirmala Sitharaman said on Wednesday, offering some relief to the industry. Last month, India decided to impose a 28% tax on funds that online gaming companies collect from their customers for every bet, shocking the nascent $1.5 billion industry which is backed by global investors. More than 100 gaming companies and top investors like Top Tiger Global and Peak XV, previously known as Sequoia Capital India, wrote to government asking it to reconsider the decision. Sitharaman said the government aims to impose the tax from Oct. 1 and a review of the decision would be undertaken in the next six months. Some industry watchers said the 28% tax is still higher for smaller players to survive.

Persons: Nirmala Sitharaman, Sitharaman, Sudipta Bhattacharjee, Nikunj Ohri, Jan Harvey, Kirsten Donovan Organizations: Top Tiger, Sequoia Capital, Goods, Services Tax Council, Sitharaman, Khaitan, Thomson Locations: DELHI, India, Sequoia Capital India

☆ India lets firms list on Modi's flagship finance hub to draw foreign capital
▼ + stars: | 2023-07-29 | by ( ) www.reuters.com time to read: +1 min

Listed and unlisted companies can list their shares in the International Financial Services Centre (IFSC) housed in the Gujarat International Financial Tech City (GIFT), which is Prime Minister Narendra Modi's flagship project. "I'm pleased to announce that the government has taken a decision to enable direct listing of listed and unlisted companies on the IFSC exchanges," Sitharaman said. Indian companies can currently only list on foreign exchanges through instruments such as depository receipts. The government had announced plans in 2020 to allow firms to have their primary listings on foreign exchanges. The government has said companies can use the IFSC route to access similar benefits of foreign capital.

Persons: Nirmala Sitharaman, Narendra Modi's, I'm, Sitharaman, Manch, Aftab Ahmed, Muralikumar Organizations: International Financial Services, Gujarat International Financial Tech City, Singapore, International Exchange, Thomson Locations: DELHI, India, Gujarat, Singapore, City, New Delhi

☆ India tax council to meet on Aug 2 to finalise online gaming tax - source
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, July 26 (Reuters) - India's Goods and Services Tax (GST) Council will meet on Aug. 2 to decide on a 28% tax on funds that online gaming companies and casinos collect from customers, and finalise other rules, a government official said on Wednesday. The official asked not to be named because he was not authorised to speak to the media. The Finance Ministry and GST Council Secretariat did not immediately respond to a Reuters request for comment. Since the government first announced its plan for the tax on July 11, the gaming industry and its investors have asked it to review the decision, which will increase the tax burden on both companies and consumers. This would be taken into account when a final decision is taken by the GST Council, Malhotra told NDTV.

Persons: Nirmala Sitharaman, Narendra Modi, Sanjay Malhotra, Malhotra, Nikunj Ohri, Savio D'Souza Organizations: Goods, Services Tax, India's, Finance Ministry, Tiger, Steadview, NDTV, Thomson Locations: DELHI

☆ India should cash in on 'China plus one' strategy - World Bank chief
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

In recent years, many companies have adopted a "China Plus One" strategy to build new manufacturing units outside the People's Republic. India has a window of three-to-five years to seize this opportunity to attract investment, said Ajay Banga, the former Mastercard CEO who became World Bank chief last month. "I think India's opportunity currently is to cash in on the 'China plus one' opportunity. The World Bank chief also called for private capital investments to aid global efforts for renewable energy funding. We will also need different forms of multilateral bank capital and government capital and philanthropy capital to take first risk positions or help enable the blended finance to come through," Banga said.

Persons: Ajay Banga, Banga, Narendra Modi, Nirmala Sitharaman, Nikunj Ohri, Shivam Patel, Sharon Singleton, William Maclean Organizations: World Bank, chipmaker Micron Technology, Mastercard, Indian, India's, Thomson Locations: DELHI, India, China, United States, Asia, People's Republic, New Delhi

☆ US working with India on platform to speed energy transition - Yellen
▼ + stars: | 2023-07-17 | by ( Aftab Ahmed | ) www.reuters.com time to read: +2 min

[1/3] U.S. Treasury Secretary Janet Yellen addresses the media, along with Indian Finance Minister Nirmala Sitharaman, on the sidelines of a G20 meeting at Gandhinagar, India, July 17, 2023. REUTERS/Amit DaveGANDHINAGAR, India, July 17 (Reuters) - The United States is working with India to develop an investment platform to lower the cost of capital and increase private investment to fast-track India's energy transition, U.S. Treasury Secretary Janet Yellen said on Monday. The visit is Yellen's third to India this year, indicating the growing closeness between the two countries. Australia and Japan are hoping to make progress during the G20 meeting on the global minimum tax. Yellen will visit Vietnam after the G20 finance meetings end on July 18.

Persons: Janet Yellen, Nirmala Sitharaman, Amit Dave GANDHINAGAR, Yellen, Sitharaman, Narendra Modi's, Swati Bhat, Shilpa Jamkhandikar, Christian Schmollinger, Lincoln, Simon Cameron, Moore Organizations: . Treasury, Indian Finance, REUTERS, Treasury, Thomson Locations: Gandhinagar, India, United States, U.S, Gujarat, Washington, Australia, Japan, Vietnam

☆ US working with India on platform to speed its energy transition - Yellen
▼ + stars: | 2023-07-17 | by ( Aftab Ahmed | ) www.reuters.com time to read: +1 min

GANDHINAGAR, India, July 17 (Reuters) - The United States is working with India to develop an investment platform to lower the cost of capital and increase private investment to fast-track India's energy transition, U.S. Treasury Secretary Janet Yellen said on Monday. The visit is Yellen's third to India this year, indicating the growing closeness between the two countries. Yellen said the two nations have been collaborating across a range of economic issues, including commercial and technological collaboration and strengthening supply chains. "In particular, we 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," she said. Yellen will visit Vietnam after the G20 finance meetings end on July 18.

Persons: Janet Yellen, Nirmala Sitharaman, Narendra Modi's, Yellen, Swati Bhat, Shilpa Jamkhandikar, Christian Schmollinger Organizations: Treasury, Thomson Locations: GANDHINAGAR, India, United States, U.S, Washington, Vietnam, Lincoln

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