India is an indispensable partner of the US for friendshoring – US Treasury Secretary Janet Yellen

Gandhinagar – ‘The India-US bilateral relations have achieved heights like never before. India has become a partner country such that no other country can get its place. The US industrial sector is eager to invest in India and take production and export from India to the world. The US industry sector will make announcements regarding this soon,’ US Treasury Secretary Janet Yellen said in a statement. Along with this, India can contribute largely by underlining the importance of establishing a strong supply chain for production, indicated the US Treasury Secretary.

US Treasury Secretary Janet Yellen, who arrived in Gandhinagar in Gujarat to meet finance ministers of ‘G20’ countries, underlined the importance of Indo-US partnership. US Treasury Secretary Janet Yellen further testified that no other country could take India’s place for the United States for ‘friendshoring’. Like-minded countries are prioritised while setting up production centres in other countries and getting the raw materials required for production; this is called ‘Friendshoring’. Private companies in the United States are looking at India with great affinity from this point of view. US Treasury Secretary Janet Yellen said US companies will soon announce investing in India.

Meanwhile, during Prime Minister Narendra Modi’s visit to the United States, American entrepreneurs and investors expressed their eagerness to invest in India. US Treasury Secretary Janet Yellen emphasises the same during her visit to India. Meanwhile, Yellen claimed that her visit to India would go a long way in strengthening the cooperation between the two countries. At the same time, US Treasury Secretary Janet Yellen clarified that the US is looking forward to India with great confidence to build a more robust global supply chain.

During Coronavirus Pandemic, factories in China, which later became the centre of global production, were closed. It affected global production terribly and sparked discussions of the need to build more reliable and robust supply chains necessary for production. Further, the statement of being forced to shift the centre of production to a more responsible and reliable country instead of China was made openly by many people associated with the industry sector of the United States and European countries. Multinational companies have claimed India will be a more reliable alternative than China. Due to this, the amount of investment in India has started increasing.

Multinational companies are taking the initiative to start production in India and export their products worldwide from here. This process will be speedier in the coming days, indicated US Treasury Secretary Janet Yellen. Secretary Yellen visited China just a few days back. Besides, her statement about the global supply chain after arriving in India is attracting attention.