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US aims to mobilise $200 bn through 2027 for PGII: Janet Yellen

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Bengaluru: US Treasury Secretary Janet Yellen has said that the US aims to mobilize $200 billion through 2027 for Partnership for Global Infrastructure and Investment (PGII) and is looking forward to partnering with India to continue investing in its future.

“Overall, the United States aims to mobilize $200 billion through 2027 for PGII, and we look forward to partnering with India to continue investing in its future. I look forward to discussing ways to deepen our countries’ economic integration, and more …,” she said at the Roundtable with US and Indian Tech Business Leaders on the sidelines of the G20 meeting here on Saturday.

Through PGII, Janet said the US is investing in digital technologies that will drive inclusive, resilient growth in India. “Under PGII, the US has announced investments in agri-tech to enable climate-smart agricultural production, and in digital payments systems for microentrepreneurs,” she said.

Janet said America is India’s biggest trading partner, she said adding that in 2021, India-US bilateral trade was over $150 billion.

“Our people-to-people ties affirm the closeness of our relationship. 200,000 Indians are studying in America and enriching our schools and universities. We depend on each other on a daily basis: Indians use WhatsApp to communicate and many American companies rely on Infosys to operate,” she said.

As the US looks towards the future, Janet said she is eager to deepen India-US ties in the technology sector.

She said: “The United States is advancing an approach called “friendshoring” to bolster the resilience of our supply chains. We are doing this by strengthening integration with our many trusted trading partners, including India.”

“We are seeing progress; as an example, technology companies like Apple and Google have expanded their phone production in India,” she said, adding, “These stand alongside investments in renewable energy, health, and other infrastructure sectors in India.”

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