US Treasury Secretary Janet Yellen will fly to New Delhi to attend the G20 leader’s summit

To attend the G20 leaders summit, US Treasury Secretary Janet Yellen will fly to New Delhi. In the past 10 months, Yellen has travelled to India four times. Read More: Thailand is set to simplify visa rules for Chinese and Indian tourists

Aims to strengthen the world economy

The Treasury Department claims that Yellen will concentrate on advancing initiatives on debt restructurings, the development of multilateral development banks (MDBs), and increasing resources for the International Monetary Fund trust fund during the G20 summit in order to strengthen the world economy and assist low- and middle-income countries. According to the Treasury, Yellen will also mobilise America's G20 partners to sustain financial assistance for Ukraine and impose higher sanctions on Moscow as a result of the ongoing conflict in that country. In response to limits on Ukrainian grain exports, this includes backing the G7-led price cap on Russian oil exports as well as initiatives to increase global food security.

Strengthen bilateral ties between the US and India

The Treasury also announced that Yellen would attempt to strengthen bilateral ties between the US and India, seeing India as a potential replacement for China for US supply chains and investment. [caption id="" data-align="alignnone" data-width="2048"] PM Modi in meeting with Joe Biden[/caption] According to rumours, Chinese President Xi Jinping would most likely avoid the G20 Summit. According to a Reuter’s article, China is hesitant to exert influence over its southern neighbour, which has one of the largest economies and which is developing the quickest. Premier Li Qiang is anticipated to represent Beijing at the Summit, the report claimed. [caption id="" data-align="alignnone" data-width="976"] 8th premier of the People's Republic of China[/caption] According to Farwa Aamer, director of South Asia Initiatives at the Asia Society Policy Institute (ASPI), China does not want India to represent the Global South or to serve as the host nation for this highly successful G20 meeting. Vladimir Putin, the president of Russia, has already said that he will send Sergei Lavrov, the foreign minister, instead of himself, to New Delhi. Given that India recently completed a successful moon landing and promotes itself as a growing power with appealing markets and a source for supply chain diversification globally, the G20 meeting is considered as a significant platform for India. Delhi will host the G20 summit on September 9 and 10. On December 1st of last year, India took over the G20 Presidency. OTT India updates you with the latest news, Country’s no.1 digital news platform OTT India, Keeps you updated with national, and international news from all around the world. For more such updates, download the OTT India app on your Android and IOS device