Joint Statement on the official level dialogue as follow-up to the 9th India-U.S. Economic and Financial Partnership

Senior officials from India’s Finance Ministry and the US Treasury Department met in New Delhi on 3 August 2023, as the second sub-ministerial meeting after 9^th Indian-US Economic and Financial Partnership (EFP) ministerial meeting held in November 2022. Indian delegation was led by Chief Economic Adviser, Dr. V. Anantha Nageswaran and US delegation was led by Assistant Secretary for International Finance Mr Brent Neiman. Representatives from the Reserve Bank of India and the US Federal Reserve in Washington DC attended virtually.

The discussions were productive and will help prepare for the next Indian-US Economic and Financial Partnership ministerial meeting.

Indian and US officials discussed a range of economic and financial issues which included the economic outlook in both countries, Indian and US priorities in addressing global debt challenges, joint efforts to advance the energy transition and mobilizing climate finance, progress in creating innovative investment platforms to accelerate the deployment of renewable energy projects, and recent developments in the area of ​​cross-border payments which included the discussion on the G20 Cross-Border Payments Roadmap, the platform of India’s United Payments Interface (UPI) payments and the Federal Reserve’s implementation of the FedNow payments system.

Both sides have agreed to continue their partnership and will build on the successful meetings that took place between Prime Minister Modi and President Biden during the prime minister’s visit to the United States in June 2023.

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PPG/KMN