Asheville — India strongly supports the U.S. G20 presidency’s focus on economic growth, global imbalances and financial literacy, Finance Minister Nirmala Sitharaman said after holding what she described as a “positive, constructive” meeting with U.S. Treasury Secretary Scott Bessent.
Speaking on the sidelines of the G20 Finance Ministers’ meeting in Asheville, Sitharaman said India and the United States share common ground on several of the major economic issues being discussed under Washington’s presidency.
“The US presidency has spoken about growth as a priority. It has spoken about the global imbalances as a concern,” Sitharaman said.
“The US has also very clearly placed high importance on financial literacy, which is a very personally dear point for the Secretary of Treasury, Scott Bessent,” she added. “So in all these, we are very much with the United States.”
Sitharaman said India wants G20 members to engage in open discussions about challenges facing the global economy, particularly economic growth and international imbalances.
“Growth is a central point for the G20’s financial track. Equally, the imbalances, global imbalances will have to be sorted out,” she said.
The finance minister welcomed the priorities established by the U.S. presidency and said India was actively contributing to the discussions in Asheville.
“I appreciate the US presidency in taking up these points, and we’ve been contributing in the discussions which happened today,” she said.
Sitharaman also held bilateral talks with Bessent on economic and financial issues but did not provide details of their discussions.
“I may also add here that I’ve had a very positive, constructive bilateral discussion with Secretary Bessent today,” she said.
During the G20 gathering, Sitharaman also met separately with representatives of Poland, Qatar, South Korea and Russia.
“I’ve had bilaterals also with Poland, with Qatar, with Korea, with Russia. All of them happened today, and on a very positive note,” she said.
Sitharaman said the countries were interested in expanding their economic relationships with India, with some of the meetings expected to lead to further bilateral engagements. She said economic dialogues with South Korea and Qatar are planned for later this year.
“There are quite a few activities that we’ve tied up for India and the bilateral engagement on economy and finance,” she said.
Her participation in the G20 meeting comes after India reported economic growth of 7.8% in the first quarter of fiscal 2026-27. Sitharaman said manufacturing expanded 9.2%, while financial and professional services grew 12.1%.
She described the figures as evidence of the Indian economy’s resilience despite continuing global challenges and said the government would seek to position the country favorably as new economic pressures emerge.
Sitharaman began her overseas trip in Canada, where she met with the country’s finance minister, before traveling to Chicago for discussions with funding agencies.
Following her G20 engagements in Asheville, she is scheduled to travel to New York for meetings with investors interested in the Indian market. (Source: IANS)
