India indispensable partner to United States, says Janet Yellen

She was speaking at the US-India Businesses and Investment Opportunities event here.

Addressing the event, Finance Minister Nirmala Sitharaman said India has emerged as one of the fastest-growing major economies in the world.

India has recently surpassed the UK to become the fifth-largest economy in the world and is expected to be one of the top three economic powers globally over the next 10-15 years, she said.

The economic ties between the two countries are touching new heights. The US is India’s biggest trading partner and the bilateral trade has reached an all-time high of over USD 150 billion in 2021.

Yellen, who is on an official visit to India, said as US President Biden said earlier this year, India is an indispensable partner to the United States.

“That’s particularly true today. I believe that these urgent challenges are bringing India and the United States closer together than ever before,” she said.

The bilateral partnership is especially crucial as India prepares to assume the G20 presidency.

Over the next year, “we look forward to supporting India’s presidency and making progress on our shared global priorities,” she said.