India is the Primary Beneficiary of The US 200 Billion USD Fund

By siliconindia   |   Thursday, 02 March 2023, 01:15 IST
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India is the Primary Beneficiary of The US’ 200 Billion USD Fund

Mrs. Janet Yellen, the Secretary of the US treasury has stated that India will emerge as the key beneficial partner of the 200 billion USD fund, strengthening the ties between the nations.              

The US Treasury Secretary Mrs. Janet Yellen has proposed that the United States will likely proffer financial support from its 200 billion USD Partnership for Global Infrastructure and Investment (PGII) Fund to Indian tech entrepreneurs and infrastructure projects, bolstering friend-shoring between the US and India.

The US administration has priorly stated a plan, to raise about 200 billion USD in private and public funds through 2027. It aims at critical infrastructure financing in developing countries under a G7 initiative, to counter political conflicts around India. Hence, mobilizing the fund, the US is critically featuring to partner with India for consistent investment in future periods.

Mrs. Yellen, while addressing a roundtable with the tech business leaders of the US and India, underlined the importance of the partnership in enhancing global infrastructure, investment, and PGII. She added that investing in digital technologies will critically drive inclusive and resilient growth in India.

The attendees of the meeting were Mr. Nandan Nilekani, Co-founder of Infosys, Mr. Rishab Premji, Executive Chairman of Wipro, Mr. Josh Foulger, Managing Director, Bharath FIH Ltd, in addition to Mr. Sandip Patel, IBM, Mr. Nivruti Rai, Intel, and Mr. Vikram Rai, GE. The US has announced further investments under PGII in agri-tech space, enabling climate-smart agricultural production and digital payment systems for micro-entrepreneurs, alongside investments in renewable energy, health, and various other infrastructure sectors in India.

The US is critically the most favorable and biggest trading partner of India, with almost 200,000 Indians pursuing their education in the USA, enriching schools and universities. The bilateral trade between the nations has already surpassed 150 million USD and is anticipated to soar more in future periods. Both India and the US have become highly reliant on each other. For instance, Indians communicate via WhatsApp on a daily basis, while American organizations depend on Infosys (INFY: NSE) for effective operation.

Mrs. Yellen stated that the US is critically advancing an approach–friend-shoring to bolster the resilience of supply chains, via strengthening integration with the nation’s trusted partners like India.