India Backs US G20 Growth Agenda, Sitharaman Calls for Action on Global Imbalances

Asheville — India supports the U.S. G20 presidency’s focus on economic growth, global imbalances and financial literacy, Finance Minister Nirmala Sitharaman said Tuesday after meeting 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 were broadly aligned on several of the economic priorities being pursued under Washington’s presidency.

“The U.S. presidency has spoken about growth as a priority. It has spoken about the global imbalances as a concern,” Sitharaman said.

She also highlighted the U.S. emphasis on financial literacy, which she described as an issue of particular importance to Bessent.

“So in all these, we are very much with the United States,” she said.

Sitharaman said India wants G20 members to hold open discussions about the challenges facing the global economy, particularly the need to boost growth and address economic 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 set by the U.S. presidency and said India was actively contributing to the discussions.

“I appreciate the U.S. 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, describing the meeting as “very positive” and “constructive.” She did not provide details about specific issues discussed.

Her comments indicated broad agreement between New Delhi and Washington on placing economic growth at the center of the G20 financial agenda and addressing imbalances in the global economy.

Sitharaman also held separate bilateral meetings with representatives from Poland, Qatar, South Korea and Russia.

“Everyone has had facts about India in their hands, and they’re looking forward to deepening their relationship with India,” she said.

Some of the discussions are expected to lead to additional bilateral economic engagements. Sitharaman said India plans to hold economic dialogues with South Korea and Qatar 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.

Sitharaman’s participation in the G20 gathering comes after India reported economic growth of 7.8% in the first quarter of the 2026-27 fiscal year. Manufacturing expanded 9.2%, while the financial and professional services sector grew 12.1%.

She pointed to the figures as evidence of India’s economic resilience despite continued global uncertainty and said the government would seek to position the country advantageously as new challenges 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)