US Finance Minister Janet Yellen is on her third visit to India in nine months


New Delhi: US Finance Minister Janet Yellen is on a visit to India. This is his third visit to India in nine months. Her visit is considered more important because recently she has come via China. China’s economy is not able to get out of sluggishness while India is growing fastest in the world. Yellen said in Gandhinagar on Sunday that she is trying to give a new dimension to the relationship between America and India. Tension has been going on between China and America for some time. Both countries have imposed various restrictions on each other’s tech companies. Due to these, American companies are looking for a place outside China so that their dependence on Beijing can be reduced. In such a situation, India has emerged as the preferred country of investment for them.

Yellen said that US companies consider India a great place to manufacture goods and export them to America. He also said that China’s growth has slowed down which has affected many other countries of the world. Yellen said, ‘I talked about this with the leaders of China. Chinese leaders are emphasizing that their business environment is open. Obviously they want foreign investment. Meanwhile, India continues to be the preferred investment destination for companies around the world. Recently Prime Minister Narendra Modi went on a visit to America. During this, many business deals were done between the two countries.

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Bharat Natural Partner

Harold W. Furchtgott-Roth, Senior Fellow at the Hudson Institute, said Yellen’s visit to India reflects the natural synergy that is building between the two countries. Due to China’s human rights record and its tendency to defy international laws, the distance of western countries from it is increasing. Germany, the country with Europe’s largest economy, has formulated a strategy to reduce dependence on China in critical sectors. It states that China is no longer the same and therefore Germany needs to change as well. The supply chain of global companies was badly affected during the Corona period. That’s why they are trying to reduce their dependence on China.

America and other western countries want to reduce their dependence on China. In such a situation, India has emerged as a natural option for them. Recently many American companies have spread their business in India. US companies have invested $60 billion in India while Indian companies have invested more than $40 billion in America. There is immense potential for trade between the two countries. Bilateral trade between the two countries has reached a record level of $191 billion. America has become India’s largest trading partner by leaving China. Interestingly, the trade balance in this is in favor of India.

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advantage of both countries

India is the ninth largest trading partner for the US. American companies have invested in India from manufacturing, telecommunications, consumer goods to aerospace. Indian companies have invested in IT, Pharma and Green Energy in America. US Secretary of State Antony Blinken said on June 12 at the India Ideas Summit of the US-India Business Council (USIBC) that Indian companies have given jobs to 425,000 people in the US from California to Georgia. That is, both the countries have the advantage of this friendship. How serious both the countries are to enhance their relations can be gauged from the fact that at present more than 50 bilateral dialogue mechanisms are going on at various levels.

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