India’s Ministry of Finance and the United States Department of Treasury recently held their second sub-ministerial meeting in New Delhi. This comes after the 9th ministerial meeting of the Indian-US Economic and Financial Partnership (EFP) held in November 2022.

The Indian delegation was led by Chief Economic Adviser Dr V Anantha Nageswaran and the US delegation by Assistant Secretary for International Finance Brent Neiman. Representatives from the Reserve Bank of India and the US Federal Reserve in Washington DC participated virtually.

As per release, the delegates discussed a range of economic and financial issues including the economic outlook in both countries, debt challenges, joint efforts to advance the clean energy transition and mobilize climate finance, and progress on creating innovative investment platforms to accelerate the deployment of renewable energy projects.

The discussion also included the developments in the area of cross-border payments, the G20 Cross-Border Payments Roadmap, India’s United Payments Interface (UPI) payments platform, and the Federal Reserve’s implementation of the FedNow payments system.

The discussions were productive and will help prepare for the next ministerial meeting of the Indian-US Economic and Financial Partnership, the Finance Ministry said in its statement. Both countries agreed to continue their collaboration and will construct on successful meetings that took place between Prime Minister Narendra Modi and President Joe Biden during the former's visit to the US in June of 2023.

The Economic and Financial Partnership (EFP) was launched in 2010 as a framework to cement the economic bonds between our two nations and build a foundation for greater cooperation and economic growth. At the ninth meeting of the Economic and Financial Partnership, India's Finance Ministry reaffirmed advancing global efforts to tackle pressing economic challenges.