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India-US relations are multi-sectoral, says Sitharaman
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IANS | 11 Nov, 2022
Finance Minister Nirmala Sitharaman on Friday said that the India-US
relations have developed into a global strategic partnership through 50+
bilateral dialogue mechanisms, and their cooperation is broad-based and
multi-sectoral.
"The strength of the India-US
relationship lies in mutual understanding of each one's necessities and
respecting the differences," she said while addressing the India US
Business and Economic Opportunities Session Event on the sidelines of
the 9th Economic and Financial Partnership (EFP) meet.
"A
testament to our deepening economic and business relations is that
bilateral trade in goods between the two countries crossed the $100
billion mark in 2021, making it the largest volume of goods trade in
India-US economic history.
"It is worth noting that the
bilateral defence trade between India and US has reached more than $20
billion from near zero about 12 years ago. As our defence partnership
evolves, our defence industry welcomes opportunities for collaboration,
especially to innovate, co-develop, and co-produce for India and the
world. India and the United States have time and again exhibited shared
appreciation for mutual collaboration on a host of multilateral fora. In
2021, the United States joined the International Solar Alliance
headquartered in India," she said.
Sitharaman, while addressing
the US delegation led by Treasury Secretary Janet Yellen, took the
opportunity to highlight that amid global economic gloom, India emerged
as a bright spot.
"You are all aware that the global economic
outlook remains challenging. According to the latest World Economic
Outlook of the IMF (October 11, 2022), global economic activity is
experiencing a broad-based and sharper-than-expected slowdown, with
inflation higher than in several decades. The Indian economy is not
insulated from the impact of global economic developments. However,
India has carved out its growth trajectory supported by the above-normal
south-west monsoon, public investment, strong corporate balance sheets,
upbeat consumer and business confidence and receding threat of the
pandemic," she said.
Sitharaman also listed for the gathering the
various reform measures taken by the Indian government to chart the
path of Atmanirbhar Bharat.
"We recognise foreign capital flows
as a vital component of India's growth story. Key reforms include
simplification and rationalisation of the Foreign Portfolio Investor
(FPI) regulations, increase in aggregate foreign investment limit,
introduction of Common Application Form (CAF) for registration of FPIs,
and opening of new channels of debt investments like the Voluntary
Retention Route (VRR) and Fully Accessible Route (FAR). The success of
these measures is reflected in the sustained investment flows entering
India through the FPI route. Significantly, the US is the top source
country of FPI investment in India, with the Asset under Custody (AUC)
of FPIs from the USA standing close to $234 billion as on September 30,
2022," she said.
Exhorting US investors to invest in India's
growth story, the Finance Minister said that India's is an ongoing
growth story which offers multitudes of opportunities.
"I invite
and call upon you- the stalwarts from business and prominent thought
leaders, to participate in, and contribute to this vision of shared
prosperity of India and the US," she said.
Earlier, Sitharaman
held bilateral discussions with Yellen during the 9th EFP. The meeting
was also attended by Economic Affairs Secretary Ajay Seth, RBI Governor
Shaktikanta Das, Chief Economic Adviser V. Anantha Nageswaran and US
Federal Reserve Chairman Jerome Powell, who was present through video
conferencing.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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