Recently the third meeting of the finance ministers of the G20 countries took place in Gandhinagar, the state capital of Gujarat in Western India.
Ministers from Japan, Australia, Canada, Indonesia, South Korea, South Africa, the US, and India joined the meeting, while only low-ranked officials from countries like Argentina, Brazil, France & Mexico joined it.
On the other hand, German & British ministers did not connect with others. The purpose of the meeting was to discuss various economic challenges being faced globally, especially in low-income countries.
For the very third time in nine months, the U.S. Treasury Secretary, Janet Yellen was back in India. This time she came with the aim of meeting the finance ministers of other G20 nations.
On Sunday, while talking to reporters, she stated that this time her focus was to enrich and stimulate the relations between the United States and India. Additionally, shifting to sustainable energy, inter-relation of supply chain factors, and modernizing global development institutions in becoming more climate-focused was also her key purpose, as per Politico.
India’s Relations & Support to Russia
Despite many price ceilings on the Russian trade policies and other countries’ efforts to hammer the growth & economy of Russia, India always supported it by maintaining energy trade with it.
Ending the battle in Ukraine “is the first and foremost moral imperative” at present, she further added. “This is the only best thing we can do for the world economy.”
Moreover, the U.S. will continue to annihilate Russia’s access to military equipment and other technologies that adds to the deterioration of Ukraine.
She said, “The U.S. will continue making efforts to counter Russia’s plans to evade our sanctions.”
India As A Good Production Place for The U.S. Industries
For a very long time, the U.S. is dependent on India, specifically in the IT market. Following it, she added, many private industries seek India as an excellent place for major production and export purposes.
A policy expert on U.S. and Indian relations at the Center for Strategic and International Studies, Raymond Vickery Jr., also commented that shortly after Yellen’s visit to China, her coming to India can be seen as a chance to know the results of her meeting with the Chinese counterparts by the Indian officials.
Furthermore, he added, “They’re going to want to know whether or not the United States is serious about moving some of its sourcing activity from China to India” according to Politico.
The finance ministers of the G20 countries gathered in the western Indian state of Gujarat, hoping to push for agreements on debt restructuring for vulnerable countries, global minimum taxation and reforms on multilateral development banks.