Rising KashmirRising KashmirRising Kashmir
  • Home
  • Top Stories
  • News
    • Kashmir
    • City
    • Jammu
    • Politics
  • Health
  • Anchor
  • Features
  • Interview
  • Video
Search

Archives

  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022

Categories

  • Anchor
  • Breaking
  • Business
  • City
  • Developing Story
  • Editorial
  • Education
  • Features
  • Health
  • Interview
  • Jammu
  • Jammu and Kashmir News
  • Kashmir
  • Kashmir Tourism
  • Kath Bath
  • National
  • Opinion
  • Politics
  • Sports
  • Technology
  • Top Stories
  • Trending
  • Uncategorized
  • Video
  • Viewpoint
  • World
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: US Treasury Secy Yellen calls India a “natural ally”, says G20 presidency to accelerate global coordination
Share
Notification Show More
Font ResizerAa
Rising KashmirRising Kashmir
Font ResizerAa
  • Home
  • Top Stories
  • News
  • Health
  • Anchor
  • Features
  • Interview
  • Video
Search
  • Home
  • Top Stories
  • News
    • Kashmir
    • City
    • Jammu
    • Politics
  • Health
  • Anchor
  • Features
  • Interview
  • Video
Follow US
© 2024. All Rights Reserved.
Rising Kashmir > Blog > Breaking > US Treasury Secy Yellen calls India a “natural ally”, says G20 presidency to accelerate global coordination
Breaking

US Treasury Secy Yellen calls India a “natural ally”, says G20 presidency to accelerate global coordination

ANI
Last updated: November 11, 2022 11:49 am
ANI
Published: November 11, 2022
Share
5 Min Read
SHARE

Ahead of India’s G20 Presidency which is set to begin on December 1, US Treasury Secretary, Janet Yellen on Friday said that New Delhi is a “natural ally” and stressed that India’s G20 year is a chance to accelerate global coordination on debt restructuring. Highlighting the growth in US-India economic ties, she said, “The US and India are ‘natural allies,’ in the words of a former Indian prime minister. We may be located across the world from each other, but what unites us is far greater than any of our differences. Our fights for independence were born of the same desire for freedom and dignity.”

Talking about India’s G20 Presidency, she said, “In three weeks, India will assume the helm of the G20 at an uncertain time for the global economy. We look forward to supporting India’s G20 presidency. A successful Indian presidency is indispensable to our global economic recovery and sustained progress on our deepest problems. The G20 must do better to provide debt relief where necessary. India’s G20 year is a chance to accelerate global coordination on debt restructuring,” said Yellen.

She also emphasized Common Framework for debt restructuring has not delivered its promise because of a lack of cooperation from China at G20.

“Two years ago, the G20 established the Common Framework to bring all the major bilateral creditors together to coordinate timely and orderly debt relief for low-income countries. But the Common Framework has not delivered on its promise, largely because of a lack of cooperation from China. As a consequence, debtor countries in need are hesitant to request Common Framework treatment. This needs to change. All major bilateral creditors, including China, must cooperate constructively to deliver on their G20 commitment to provide meaningful debt relief. We must also improve the speed and predictability of the Common Framework itself”, she added.

Further in her remarks she also hailed India’s digital revolution and said that the digital economy provides massive opportunity and continues to drive economic growth.

“The digital revolution has changed the face of communication and commerce in our countries over the past three decades. Today, the digital economy provides massive opportunities and continues to drive economic growth. This is particularly true in India, which has over 560 million Internet subscribers and 1.2 billion mobile phone subscribers. Rapid digital adoption has enabled India to achieve stunning success in its financial inclusion efforts. Nearly 500 million new bank accounts have been opened in India over the past eight years”, said the US Treasury Secretary.

“It is also clear that economic integration in the 21st century requires a modern international payments system. Cross-border payments should be cheaper than they are today. They should also be faster, more transparent, and easier to access. The G20 has set out a roadmap for enhancing cross-border payments.

We look forward to working with India to deliver tangible outcomes. This includes reducing friction to the flow of data. We also look forward to the G20 advancing financial inclusion efforts for the unbanked around the world”, she added.

Speaking about US companies moving their business operations – be it back-office, manufacturing, or R&D, to “friendly” countries, Yellen emphasized supply chains and deepening global integration with trusted partners like ‘India’ and said that the US is pursuing an approach called ” friendshoring.”

“The United States is pursuing an approach called ‘friendshoring’ to diversify away from countries that present geopolitical and security risks to our supply chain. To do so, we are proactively deepening economic integration with trusted trading partners like India. Our strategy will also create redundancies in our supply chain to mitigate over-concentration risks. And we are also addressing our reliance on manufacturers whose approaches clash with our human rights values. To be very clear, ‘friendshoring’ is not limited to an exclusive club of countries. We seek integration with the large group of countries that we can count on – developing countries and advanced economies alike. In fact, part of our ‘friendshoring’ approach involves partnering with developing countries to grow local industries and connect them to the global supply chain.(ANI)

Administration to issue unique identity card to every resident
Mission Director JJM holds maiden meeting after assuming charge
LoP Sunil Sharma calls on Rajnath Singh, discusses development and security issues in J&K
Police arrests 2 drug peddlers in Baramulla
“Infrastructure a key to border preparedness…”EAM Jaishankar on security at India-China border

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Whatsapp Whatsapp Copy Link Print
Previous Article T20 WC: Rain threat looms over England-Pakistan final
Next Article “We leave Australia short of achieving our dream” says Virat Kohli after exit from T20 WC
Leave a Comment Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

1MFollowersLike
262kFollowersFollow
InstagramFollow
234kSubscribersSubscribe
Google NewsFollow

Latest News

Tourism comes to grind halt in Sonamarg after Pahalgam terror attack
Kashmir
May 29, 2025
SKUAST-K to establish advanced reproductive biotechnology centre to enhance animal breeding
Kashmir
May 29, 2025
DC calls for intensified action against drug abuse at NCORD review in Gbl
Kashmir
May 29, 2025
Shikara operators continue to ignore mandatory safety protocols
City
May 29, 2025

Recent Posts

  • Tourism comes to grind halt in Sonamarg after Pahalgam terror attack
  • SKUAST-K to establish advanced reproductive biotechnology centre to enhance animal breeding
  • DC calls for intensified action against drug abuse at NCORD review in Gbl
  • Shikara operators continue to ignore mandatory safety protocols
  • IUST partners with government for building safer J&K

Recent Comments

  1. BASHIR AHMAD BHAT on Poor hotel accommodation, lack of medical facilities irk Kashmiri pilgrims in Saudi Arabia, video goes viral
  2. sree vishnu movies on Pahalgam attack shatters Kashmir’s film tourism revival
  3. SavePlus on AI and Behavioural Analytics in Gaming: Making the World of Gaming Better
  4. Parul on Govt acknowledges faulty streetlights on Narbal-Tangmarg road
  5. dr gora on Women Veterinarians and the Goal of Viksit Bharat

Contact Us

Flat No 7,Press Enclave, Srinagar, 190001
0194 2477887
9971795706
[email protected]
[email protected]

Quick Link

  • E-Paper
  • About Us
  • Contact Us

Top Categories

Stay Connected

1.06MLike
262.5kFollow
InstagramFollow
234.3kSubscribe
WhatsAppFollow
Rising KashmirRising Kashmir
Follow US
© 2025. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?