FM Sitharaman arrives for crucial G20 talks

Asheville, Aug 31 (IANS) Union Finance Minister Nirmala Sitharaman arrived in South Carolina on Sunday (US local time) to attend a meeting of G20 finance ministers and central bank governors that will examine global growth, economic imbalances, sovereign debt and the consequences of the Iran conflict.

Sitharaman was welcomed at Greenville-Spartanburg International Airport by India’s Ambassador to the United States, Vinay Mohan Kwatra. She will lead the Indian delegation at the two-day meeting beginning Monday in Asheville, North Carolina.

“Union Minister for Finance & Corporate Affairs Smt. @nsitharaman is welcomed upon arrival at the Greenville-Spartanburg International Airport by India’s Ambassador to the USA Shri @AmbVMKwatra, in South Carolina, today,” India’s Ministry of Finance said in a post on X.

“The Union Finance Minister is scheduled to participate in the G20 and associated meetings in Asheville, North Carolina, over the next two days,” it said.

US Treasury Secretary Scott Bessent and Federal Reserve Chair Kevin Warsh also arrived in Asheville on Sunday. They travelled together from Joint Base Andrews, according to information shared by US officials.

Bessent will host finance ministers and central bank governors from the G20’s 19 countries, the European Union and African Union. Representatives of international financial institutions and invited organisations are also expected to participate.

The United States has placed stronger economic growth at the centre of its G20 Finance Track presidency.

“Just as President Trump is reviving American economic growth and making it the centerpiece of this Administration’s agenda, we are taking the same approach and prioritizing growth as the host of this year’s G20 Finance Track,” Bessent said in a post on X after arriving in Asheville.

“We look forward to convening policymakers and private sector leaders from around the globe to emphasize that stronger growth is not only possible, but necessary,” he said.

The meeting is expected to discuss measures to boost growth, correct persistent global economic imbalances, address sovereign debt challenges and develop more resilient supply chains.

The economic effects of the Iran conflict, including higher energy prices and disruptions to trade through the Strait of Hormuz, are also expected to figure prominently.

Washington is likely to use the meeting and bilateral discussions to seek support for its campaign to restrict Iran’s economic links. Differences over sanctions, trade tariffs and China’s industrial policies could make a comprehensive consensus document difficult.

Before arriving for the G20 meeting, Sitharaman held a series of engagements in Chicago focused on investment, innovation and India’s manufacturing ambitions.

At a business roundtable, she invited global companies to establish manufacturing operations and technology and innovation centres in India and use the country as a base for serving international markets.

“The policy environment is increasingly focused on enabling businesses to invest, manufacture, innovate and expand,” Sitharaman said.

“As global companies reassess supply chains and capital allocation, India offers not only scale as a market, but increasing depth as a long-term investment and operating platform,” she added.

The Finance Minister also met senior executives from the agriculture, defence technology and hospitality sectors.

Her discussions included meetings with ADM Executive Vice-President and Chief Financial Officer Monish Patolawala, Shield AI co-founder and President Brandon Tseng, and Hyatt President and Chief Executive Officer Mark S. Hoplamazian.

Sitharaman also addressed members of the Indian community in Chicago, where she spoke about the government’s fiscal consolidation programme, India’s economic targets and its approach to bilateral trade and investment agreements.

After completing her engagements in Asheville, Sitharaman is scheduled to travel to New York for meetings with investors and companies as part of her six-day visit to the United States.

The Asheville ministerial is part of the Finance Track leading to the G20 leaders’ summit, which President Donald Trump is scheduled to host in Miami in December.

–IANS

lkj/rs