India is America’s indispensable partner: US Treasury Secretary Janet Yellen

Noida, Nov 11: The United States Treasury Secretary Janet Yellen, who is on a visit in the country, said that India is one of America's indispensable partners and the relationship between the two countries is strong and continues to deepen through trade, critical economic ties, and shared values.

Speaking at Microsoft India Development Centre here on Friday, Yellen said, "This is my first visit to India as Treasury Secretary, I am delighted to be here as India celebrates its 75th year of independence and prepares to assume the G20 presidency. As President Joe Biden said, India is one of America's indispensable partners."

Yellen met with industry leaders in Noida at Microsoft India Development Centre.

"A cornerstone of the U.S.-India economic relationship is the investments being made by our companies in each other's countries. I spoke at the Microsoft India Development Center today about how we can deepen those ties, including through friend-shoring," tweeted Yellen.

The US treasury secretary is on an India trip to participate in the US-India Economic and Financial Partnership.

The US has become India's top trading partner. According to reports, Washington became India's top trading partner in 2021-22 surpassing China.

Talking about the US-India economy, Yellen said, "Democracies can deliver for people. The trajectories of the global economy will be shaped by the work that India and the US undertake together; the same is true for the prosperity and security of the Indo-Pacific. US-India relationship continues to grow," ANI quoted her as saying.

Yellen, on the effect of the Russia-Ukraine war on the world economy, said, "It's no surprise that India is among the fastest-growing major economies in the world. We're dealing with the lingering effects of the pandemic, spill-overs from Putin's barbaric war in Ukraine and macroeconomic tightening."

The US treasury secretary also hailed Prime Minister Narendra Modi for his statement- "this isn't an era of war." Yellen said, "Millions of people face extreme poverty and hunger since Russia's war in Ukraine. PM Modi was correct when he said, this isn't an era of war."

Yellen also said, "Challenges are bringing India and the US closer together than ever before."