According to U.S. Treasury Secretary Janet Yellen, the country is collaborating with India to create an investment platform that will cut the cost of financing, boost private investment, and hasten India's energy transition.
Following a bilateral discussion with India's finance minister Nirmala Sitharaman outside of a G20 summit, Yellen stated that the two countries have been working together on a variety of economic concerns, such as enhancing supply chains and partnering commercially and technologically.
"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 India's energy transition," she said in a statement while attending the G20 in Gandhinagar, the capital of Gujarat, one of India's most industrialised states.
The fact that this is Yellen's third trip to India this year shows how close the two nations have become.
"As we look ahead, we reaffirm our commitment to achieve substantial outcomes through close engagement," Sitharaman said in a statement, also noting the potential for development cooperation and alternate investment platforms for renewable energy.
During Prime Minister Narendra Modi's state visit to Washington last month, which saw a spate of defence and high technology deals signed, the improvement in bilateral relations was emphasised.
Yellen added that an agreement between the two nations on a universal minimum tax scheme is imminent.
Nearly 140 nations agreed in 2021 to a historic agreement sponsored by the US that would impose a minimum 15% tax on giant multinational corporations as well as an additional 25% tax on "excess profits."
Australia and Japan are hoping to advance the global minimum tax during the G20 summit.
Given that some nations will wish to give primacy to national tax regimes, several analysts are sceptical that a deal can be reached for such a significant change in cross-border taxation.
As soon as the G20 finance discussions conclude on July 18, Yellen will travel to Vietnam.
(Source:www.moneycontrol.com)
Following a bilateral discussion with India's finance minister Nirmala Sitharaman outside of a G20 summit, Yellen stated that the two countries have been working together on a variety of economic concerns, such as enhancing supply chains and partnering commercially and technologically.
"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 India's energy transition," she said in a statement while attending the G20 in Gandhinagar, the capital of Gujarat, one of India's most industrialised states.
The fact that this is Yellen's third trip to India this year shows how close the two nations have become.
"As we look ahead, we reaffirm our commitment to achieve substantial outcomes through close engagement," Sitharaman said in a statement, also noting the potential for development cooperation and alternate investment platforms for renewable energy.
During Prime Minister Narendra Modi's state visit to Washington last month, which saw a spate of defence and high technology deals signed, the improvement in bilateral relations was emphasised.
Yellen added that an agreement between the two nations on a universal minimum tax scheme is imminent.
Nearly 140 nations agreed in 2021 to a historic agreement sponsored by the US that would impose a minimum 15% tax on giant multinational corporations as well as an additional 25% tax on "excess profits."
Australia and Japan are hoping to advance the global minimum tax during the G20 summit.
Given that some nations will wish to give primacy to national tax regimes, several analysts are sceptical that a deal can be reached for such a significant change in cross-border taxation.
As soon as the G20 finance discussions conclude on July 18, Yellen will travel to Vietnam.
(Source:www.moneycontrol.com)