India-US Economic and Financial Partnership Meeting held

The 7th India-US Economic and Financial partnership meeting was held in New Delhi. It was Co-chaired by Finance Minister Nirmala Seetharaman and US Secretary Steven T Minuchin. The leaders took efforts to improve mutual cooperation on wide range of multilateral subjects. It included combating financing of terrorism and anti-money laundering.

Highlights

• India and US discussed policies related to stimulate economic growth
• The countries noted significant steps taken by India to strengthen financial sector that includes
  • Plans to merge state-owned banks
  • PSB recapitalization plans
• Both the sides also discussed capital flows, external economic environment and investment promotion related issues
• The US offered its support to stand by India for its Presidency of G20 summit in 2022.
• The Financial Regulatory Dialogue was also held alongside where the financial regulatory developments in both the sides were discussed
• In 2017, the US helped the Indian city Pune by financing governmental needs in support of government’s Smart City initiative.