NEW DELHI - The United States will provide financial support from its $200-billion Partnership for Global Infrastructure and Investment (PGII) Fund to Indian tech entrepreneurs and infrastructure projects to bolster ‘friendshoring’, US Treasury Secretary Janet Yellen said recently.
In June 2022, the US announced a plan to raise $200 billion in private and public funds through 2027 for infrastructure financing in developing countries under a G7 initiative aimed at countering China’s multi-trillion-dollar Belt and Road project.
“Overall, the US aims to mobilise $200 billion through 2027 for PGII, and we look forward to partnering with India to continue investing in its future,” Yellen said, addressing a roundtable with US and Indian tech business leaders.
The meeting was attended by Infosys co-founder Nandan Nilekani, Wipro executive chairman Rishad Premji, Managing Director at Bharat FIH Ltd Josh Foulger, IBM’s Sandip Patel, Intel’s Nivruti Rai and GE’s Vikram Rai, among others.
“Through the partnership for global infrastructure and investment, or PGII, we are investing in digital technologies that will drive inclusive, resilient growth in India,” Yellen told the tech leaders.
Under PGII, the US has announced investments in agri-tech to enable climate-smart agricultural production, and in digital payments systems for microentrepreneurs. These stand alongside investments in renewable energy, health and other infrastructure sectors in India, she said.
The US is India’s biggest trading partner. In 2021, India-US bilateral trade was over $150 billion. Yellen said over 200,000 Indians are studying in America and enriching schools and universities there.
“We depend on each other on a daily basis: Indians use WhatsApp to communicate and many American companies rely on Infosys to operate,” she said.
