Senior officials from India’s Ministry of Finance and the U.S. Department of Treasury met in New Delhi on August 3, 2023, as their second sub-ministerial meeting following the 9^th ministerial meeting of the Indian-U.S. Economic and Financial Partnership (EFP) held in November of 2022. The Indian delegation was led by Chief Economic Adviser, Dr. V. Anantha Nageswaran and the U.S. delegation was led by Assistant Secretary for International Finance Mr. Brent Neiman. Representatives from the Reserve Bank of India and the U.S. Federal Reserve in Washington DC participated virtually.

Discussions were productive and will help prepare for the next ministerial meeting of the Indian-U.S. Economic and Financial Partnership.

Indian and U.S. officials discussed a range of economic and financial issues that included the economic outlook in both countries, Indian and U.S. priorities in addressing global debt challenges, joint efforts to advance the clean energy transition and mobilize climate finance, progress on creating innovative investment platforms to accelerate deployment of renewable energy projects, and recent developments in the area of cross-border payments that included discussion about the G20 Cross-Border Payments Roadmap, India’s United Payments Interface (UPI) payments platform, and the Federal Reserve’s implementation of the FedNow payments system.

Both sides agreed to continue their collaboration and will build on successful meetings that took place between Prime Minister Modi and President Biden during the Prime Minister’s visit to the U.S. in June of 2023.

Cross-border payments cooperation advances, focusing on interoperable systems and climate finance mobilization to support renewable investment. Senior finance officials from India and the United States met to coordinate policy work ahead of the next ministerial meeting, addressing the bilateral economic outlook, shared approaches to global debt challenges, and cooperation to mobilize climate finance and accelerate the clean energy transition through innovative investment platforms. They reviewed developments in cross-border payment systems, including India's unified payments interface and the U.S. faster-payments implementation, and committed to ongoing collaboration to develop interoperable payment solutions under the G20 Cross-Border Payments Roadmap.