U.S. to help India speed up energy transition, says Janet Yellen
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Treasury Secretary Janet Yellen said the U.S. is collaborating with India on an investment platform to bring lower cost of capital and higher private investment to help India speed up its energy transition from fossil fuels to cleaner sources, Reuters reported.
The announcement followed talks with Indian finance minister Nirmala Sitharaman on the sidelines of a G20 meeting. Sitharaman expressed commitment to strengthening bilateral ties, and noted the potential for new investment opportunities through alternate investment platforms for renewable energy.
The two countries have been working together in multiple areas, including commercial and technological collaboration, and strengthening supply chains, Yellen said. 
Yellen appreciated India's focus on finalizing the "Two-Pillar global tax deal", which would place a minimum 15% tax on large international companies. "I believe we are close to reaching an agreement," she added.
The improvement in bilateral relations was highlighted during Prime Minister Narendra Modi's state visit to Washington last month, which saw a slew of defense and technology deals being signed.
Investments are ramping up in India as the country pushes ahead with its energy transition. Elon Musk-led Tesla (TSLA) is in talks with the Indian government to set up an EV facility, while Chinese rival BYD (OTCPK:BYDDF) proposed a $1B investment in the country.
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