Sitharaman arrives in Asheville for G-20 finance meet on global growth
Finance Minister Nirmala Sitharaman arrived in Asheville, North Carolina, on Sunday to attend the G-20 Finance Ministers and Central Bank Governors meeting, which will focus on global economic growth amid ongoing conflicts in West Asia and Europe.
Ms. Sitharaman is on a six-day visit to the United States from August 29 to September 2, as part of a broader nine-day tour that began in Canada. She was received by India's Ambassador to the U.S., Vinay Mohan Kwatra, at Greenville-Spartanburg International Airport in South Carolina.
The Finance Minister travelled to Asheville from Chicago, where she held a roundtable conference with prominent investors and engaged with leading CEOs, presidents and senior representatives of the private sector. Asheville, located in the Blue Ridge Mountains, will host the two-day meeting on Monday and Tuesday.
U.S. Treasury Secretary Scott Bessent is hosting the meeting. In a social media post, Mr. Bessent said the U.S. looked forward to convening policymakers and private sector leaders from around the globe to emphasise that stronger growth is "not only possible, but necessary". He said that, "Just as President Donald Trump is reviving American economic growth and making it the centrepiece of this Administration's agenda, we are taking the same approach and prioritising growth as the host of this year's G20 Finance Track."
Mr. Bessent travelled to Asheville along with Federal Reserve Chairman Kevin Warsh.
On the sidelines of the G-20 meetings, Ms. Sitharaman met William Brown, Chairman and CEO of 3M, an American multinational operating in the fields of industry, worker safety and consumer goods. The discussion focused on deepening 3M's engagement with India, as the country moves from being a large consumer market to an increasingly important platform for advanced manufacturing, technology and innovation, according to the Finance Ministry.
The two leaders also discussed issues related to data security and the optimal engagement of Indian talent in domestic enterprises. Ms. Sitharaman said that with 3M's capabilities, there is considerable scope to deepen localisation, R&D and technology development in India, particularly by leveraging Indian talent and manufacturing capabilities through regional innovation to serve both domestic and global markets.
She acknowledged 3M's consistent confidence in India and suggested further investment in R&D, advanced manufacturing and local supply-chain development. Mr. Brown appreciated India's deep talent pool and noted that there are many opportunities for technology development and local market expansion. He also acknowledged the support of the Government of India in facilitating deeper reforms.
The G-20, comprising major advanced and emerging economies, accounts for a substantial share of global GDP. This year's finance track meeting takes place against a backdrop of economic uncertainty caused by geopolitical tensions, including conflicts in West Asia and Europe. These conflicts have raised concerns about energy prices, supply chain disruptions and overall growth prospects. The discussions are expected to cover the global economic outlook, financial stability and ways to enhance international cooperation.
India, one of the world's fastest-growing major economies, has been an active participant in G-20 finance track deliberations. The meetings in Asheville will conclude on Tuesday, with ministers expected to outline their commitments on policy coordination and global economic cooperation.
