India and US discuss collaborative initiatives

The discussions included both countries' priorities concerning global debt challenges and collaborative initiatives to propel the transition to clean energy

August 8, 2023

Both nations discussed the G20 payments roadmap, India's United Payments Interface (UPI) platform

They also discussed the implementation of the FedNow payments system by the Federal Reserve

Progress made in establishing innovative investment platforms to expedite the deployment of renewable energy projects was also on the agendas

his meeting marked the second sub-ministerial session following the 9th ministerial assembly of the Indian-US Economic and Financial Partnership (EFP)

India and the United States engaged in comprehensive deliberations regarding cross-border payment matters, encompassing discussions on the G20 payments roadmap, India’s United Payments Interface (UPI) platform, and the implementation of the FedNow payments system by the Federal Reserve.

The discussions encompassed various subjects, including countries’ priorities concerning global debt challenges and collaborative initiatives to propel the transition to clean energy and mobilize climate finance. Progress made in establishing innovative investment platforms to expedite the deployment of renewable energy projects was also on the agenda.

This interaction occurred last week, featuring senior officials from India’s Finance Ministry, led by Chief Economic Adviser V. Anantha Nageswaran, and representatives from the US Treasury Department in New Delhi. This meeting marked the second sub-ministerial session following the 9th ministerial assembly of the Indian-US Economic and Financial Partnership (EFP) convened in November 2022.

Heading the US delegation was Assistant Secretary for International Finance Brent Neiman. Meanwhile, participants from the Reserve Bank of India and the US Federal Reserve in Washington DC, joined virtually.

Both sides expressed their commitment to sustained cooperation and the augmentation of fruitful dialogues that transpired between Prime Minister Narendra Modi and US President Joe Biden during the former’s visit to the United States in June of this year.

Source: Economic Times

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