On Saturday, U.S. Treasury Secretary Janet L. Yellen called India the country’s largest trading partner and advocated for the promotion of an approach called “friendshoring” to strengthen the resilience of supply chains.
Ms. Yellen told a roundtable of U.S. and Indian tech business leaders on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting that, as Vice President Biden has said, India is an indispensable partner to the United States.
“India’s largest trading partner is the United States. Over USD 150 billion was exchanged between our two countries in bilateral trade in 2021. The interpersonal ties we share are proof of how much we care for one another. More than two hundred thousand Indian students are currently enrolled in U.S. higher education institutions. 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.
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Technology leaders such as Infosys’s chairman Nandan Nilekani, IBM India’s managing director Sandip Patel, Intel India’s country head Nivruti Rai, Foxconn India’s country head Josh Foulger, and Wipro’s chairman Rishad Premji were all present at the roundtable.
“I hope that we can further our cooperation in the technological sphere in the future. For the purpose of making American supply chains more robust, the United States is advocating friendshoring. To achieve this goal, we are working to further integrate with our many reliable trading partners. Things are improving; for instance, Apple and Google have both increased their smartphone manufacturing in India “as she put it.
Ms. Yellen has stated that the United States is diversifying its supply chain away from countries that pose geopolitical and security risks. The Friendshoring strategy entails forming alliances with underdeveloped nations to help them build domestic industries and enter the global supply chain.
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She stated that the United States is investing in digital technologies that will drive inclusive, resilient growth in India through the Partnership for Global Infrastructure and Investment (PGII).
She explained that the United States has committed funds to PGII to fund climate-smart agricultural production and digital payment systems for microentrepreneurs. She also noted that the United States plans to raise USD 200 billion by 2027 for PGII and is excited to work with India to invest in the country’s future through joint ventures in the renewable energy, health care, and other infrastructure sectors.
Mr. Nilekani mentioned during the roundtable that Infosys has opened new centres in six different American states in the last few years, employing a total of 25,000 people in that time.
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Through its new “friendshoring” strategy, the United States is reducing its reliance on countries with unstable governments and insecure infrastructures. The Friendshoring strategy entails forming alliances with underdeveloped nations to help them build domestic industries and enter the global supply chain.
Using the example of India, she explained how the United States is investing in digital technologies through the Partnership for Global Infrastructure and Investment (PGII) to promote inclusive, resilient growth in India.
The United States has announced investments in agri-tech to facilitate climate-smart agricultural production and digital payments systems for microentrepreneurs as part of the initiative.
She also noted that the United States plans to raise USD 200 billion by 2027 for PGII and is excited to work with India to invest in the country’s future through joint ventures in the renewable energy, health care, and other infrastructure sectors.
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“I hope that we can further our cooperation in the technological sphere in the future. For the purpose of making American supply chains more robust, the United States is advocating friendshoring. To achieve this goal, we are working to further integrate with our many reliable trading partners. We’re making strides, as evidenced by the increased smartphone production in India by companies like Apple and Google “she elaborated
Yellen also spoke with Nirmala Sitharaman, India’s minister of finance, on Thursday. This is India’s second Finance and Central Bank Deputies Meeting as G20 President, and it’s taking place in Bengaluru. Energy transition partnership, multilateral development bank (MDB) reform, global debt vulnerability, cryptocurrency assets, and health were also on the agenda (JETP).
When it comes to the American market, we’ve put a lot of effort into localization. Around 3,30,000 people are employed in the world. A state-of-the-art, 160,000-square-foot facility for training has been constructed in Indianapolis. This year, we hired seven thousand recent college grads. Young, talented people, even from community colleges, will be sought out and invested in for further development, he said.
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He continued by saying that the back end of India’s entire direct and indirect tax system is managed by Infosys.
