Gandhi Nagar

In order to fast-track its energy transition, the United States (US) is working with India on an investment platform to deliver a lower cost of capital and increased private investment, US Treasury Secretary, Janet Yellen said on Monday.

Addressing a press conference in Gandhinagar, Gujarat along with Finance Minister Nirmala Sitharaman today, Yellen said that the collaboration between the two nations spans a wide range of issues, including catalyzing the clean energy transition. Yellen said, "Our collaboration spans a range of economic issues, including commercial and technological collaboration, strengthening supply chains, and catalyzing the clean energy transition."

"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 up India’s energy transition."

The US Treasury Secretary further added that she also values India's emphasis on completing the landmark Two-Pillar global tax agreement in the inclusive framework.

"I also appreciate India’s focus on finalizing the historic Two-Pillar global tax deal in the Inclusive Framework, and I believe that we are close to reaching an agreement. We had a productive meeting in New Delhi last fall as part of the US-India Economic and Financial Partnership, or EFP, and I look forward to convening the 10th EFP meeting," the US Treasury Secretary added.

Yellen and Sitharaman met in Gandhinagar on the sidelines of the third G20 Finance Ministers and Central Bank Governors (FMCBGs) meeting under the Indian G20 Presidency.

The leaders discussed issues such as strengthening the multilateral development banks and harnessing opportunities presented by crypto assets.

Sitharaman pointed out that the recent state visit of Prime Minister Narendra Modi to the United States last month and his meeting with the US President enhanced the strength and dynamism of the US-India partnership.