Asheville, Sep 1: India strongly supports the US G20 presidency’s focus on economic growth, global imbalances and financial literacy, Finance Minister Nirmala Sitharaman has said after holding a “positive, constructive” bilateral meeting with US Treasury Secretary Scott Bessent.

In an exclusive interview with media on the sidelines of the G20 Finance Ministers’ meeting here, FM Sitharaman said New Delhi and Washington shared common ground on the central issues being discussed under the US presidency.

“The US presidency has spoken about growth as a priority. It has spoken about the global imbalances as a concern,” she said.

“The US has also very clearly placed high importance on financial literacy, which is a very personally dear point for the Secretary of Treasury, Scott Bessent,” the Finance Minister said.

“So in all these, we are very much with the United States,” she added.

FM Sitharaman said India wanted G20 members to have candid discussions about the challenges affecting the international economy.

“These are the points on which we also want fair, open discussions,” she said.

“Growth is a central point for the G20’s financial track. Equally, the imbalances, global imbalances will have to be sorted out,” she said.

The Finance Minister welcomed the priorities identified by Washington and said India was making an active contribution to the deliberations in Asheville.

“I appreciate the US presidency in taking up these points, and we’ve been contributing in the discussions which happened today,” she said.

FM Sitharaman also met Bessent during the day for bilateral talks on economic and financial issues.

“I may also add here that I’ve had a very positive, constructive bilateral discussion with Secretary Bessent today,” she said.

She did not disclose specific details of the meeting in the interview. Her remarks, however, indicated broad agreement between India and the United States on the need to place growth at the centre of the G20 financial track and address imbalances in the global economy.

FM Sitharaman held separate bilateral meetings with representatives of Poland, Qatar, South Korea and Russia during the G20 gathering.

“I’ve had bilaterals also with Poland, with Qatar, with Korea, with Russia. All of them happened today, and on a very positive note,” she said.

“Everyone has had facts about India in their hands, and they’re looking forward to deepening their relationship with India,” she added.

The Finance Minister said some of the discussions would be followed by further bilateral economic engagements. A dialogue with South Korea would be held later this year, she said, adding that a dialogue with Qatar would also take place during the year.

“There are quite a few activities that we’ve tied up for India and the bilateral engagement on economy and finance,” she said.

FM Sitharaman’s participation in the G20 meeting comes as India reported economic growth of 7.8 per cent in the first quarter of the 2026-27 financial year. She said manufacturing had grown by 9.2 per cent, while the financial and professional services sector expanded by 12.1 per cent.

The Finance Minister described the figures as evidence of India’s economic resilience despite continuing global challenges. She said the government would work to position India advantageously whenever new challenges emerged.

FM Sitharaman began her overseas visit in Canada, where she held talks with the Canadian Finance Minister. She then travelled to Chicago for discussions with funding agencies before arriving in Asheville for the G20 meeting.

After completing her engagements here, FM Sitharaman is scheduled to travel to New York, where she will meet investors interested in entering the Indian market.

Asheville, Sep 1: India is preparing further customs and banking reforms, including risk-based import screening and a high-level review of the banking sector’s role towards building a developed India, Union Minister for Finance & Corporate Affairs Nirmala Sitharaman said.

In an exclusive interview with media on the sidelines of the G20 Finance Ministers’ meeting here, FM Sitharaman said the next phase would build on changes already made in direct and indirect taxation.

“We’ve done quite a few things about the direct and indirect taxes. Customs, we’ve done some, we’ll have to do more. We’ll be taking those up,” she said.

The government is working to make the movement of imported goods through Indian ports more seamless, the Finance Minister said.

A key proposal involves deploying scanners and concentrating checks on high-risk importers. Other consignments could then be cleared automatically, reducing delays for businesses and easing congestion at ports.

“We are trying to bring in scanners and have high-risk importers alone go through them, and the rest of them can be cleared automatically,” FM Sitharaman said.

“A lot of reforms in the customs area,” she added.

The approach would allow customs authorities to focus their scrutiny on higher-risk imports while facilitating faster clearances in other cases.

However, FM Sitharaman did not provide a timetable for introducing the scanners or implementing the proposed automatic clearance system.

The government has also appointed a high-level committee to examine the banking sector and its future role in achieving India’s development goals.

“The banks, of course, we’ve appointed a high-level committee to look into banking for Viksit Bharat,” she told media.

“That committee will also give its report,” she added, without indicating when its recommendations would be submitted.

Asked about the next stage of the government’s wider reform programme, FM Sitharaman said changes would be taken up as requirements emerged.

“Well, we take it as we go along,” according to her.

The Finance Minister said the Centre had worked with state governments to improve the business environment and reduce the compliance burden on citizens and companies.

“I think together with the states, I will also credit the states, many of them who have come forward to make doing business a bit easier,” she said.

“We, as you know, have reduced a lot of compliance burden on the citizens, whether it is by reforming the Acts, by simplifying the regulations, and also by removing archaic laws,” she added.

More than 1,000 laws had been removed and about 40,000 regulations simplified, according to the Finance Minister.

The government was also maintaining regular consultations with industry, businesses and trade while pursuing bilateral trade and investor protection agreements.

“Constantly, we are engaging with the industry, with businesses, with trade,” FM Sitharaman said.

“Also, the way in which bilateral trade agreements are being signed, we are now pushing ahead with investor protection agreements as well,” she added.

FM Sitharaman said confidence in the Indian banking system was reflected in foreign deposits and investments made by Indians living overseas. The indicators showed a positive story about trust in Indian banks and the country’s macroeconomic position, she said.

The proposed reforms come as India reported 7.8 per cent growth in the first quarter of the 2026-27 financial year. Manufacturing grew by 9.2 per cent, while the financial and professional services sector expanded by 12.1 per cent.

FM Sitharaman also cited the expansion of UPI, NPCI systems and QR-code payments as factors helping small and medium-sized businesses gain access to global markets. She said reforms across government departments and the financial sector had brought out the robustness of the Indian economy.

Mumbai, Aug 31: Domestic equity benchmarks opened lower on Monday weighed down by weakness across Asian markets and a sharp rise in crude oil prices amid renewed tensions in the Middle East.

Sensex opened at 77,130.73, down 133.78 points or 0.17 per cent, while Nifty fell 58.10 points or 0.24 per cent to 24,117.55.

Sector-wise, Nifty Metal was top loser and fell 1.70 per cent, followed by Nifty IT which declined 1.32 per cent. Nifty Media and Nifty PSU Bank also fell up to 1 per cent.

Other sector indices, realty, cement, chemicals and FMCG declined between 0.73 per cent and 1 per cent.

In contrast, Nifty Private Bank was trading marginally positive, edging up 0.06 per cent in early trade.

“Monday’s trading begins with the market facing a few headwinds. From the global equity market perspective, sentiments have turned slightly negative following Fed chief Kevin Warsh’s statement that if inflation persists at rates higher than the Fed’s long-term target, ‘we have work to do’,” said market experts.

The comments have been interpreted by the market as a signal of a possible rate hike at the FOMC meeting scheduled for September 15-16. The resulting rise in bond yields is negative for equities, they said.

Another headwind is the renewed escalation in tensions between the US and Iran, which has pushed Brent crude above the $90-a-barrel mark. The HDFC Bank stock is also likely to remain in focus and could turn volatile amid speculation over the successor to CEO Sasidhar Jagadishan, the experts added.

“Even if the Nifty comes under pressure, lots of action are likely in the broader market which is attracting big buying in recent weeks. A significant recent trend in the market is that the market is giving more preference to growth than value,” according to them.

On the technical front, Friday’s inside bar pattern has retained hopes of an upswing from the vicinity of 24,060, which would also be consistent with the consolidation band that has been in play for the last eight days.

“However, we would wait for a break above 24,215 to signal strength. Alternatively, inability to float above 24,060 would expose 23,575,” the expert said.

Additionally, the market is also bracing for heightened volatility from MSCI’s index rejig under the new closing auction system, while renewed tensions in the Iran war and developments at HDFC Bank added to investor caution.

Meanwhile, international benchmark Brent crude rose more than 2 per cent to $90.67 a barrel, while US West Texas Intermediate (WTI) crude gained 2.06 per cent to $85.09 a barrel.

Asian markets also remained largely weak. Japan’s Nikkei traded more than 1 per cent lower, while Hong Kong’s Hang Seng fell 0.7 per cent and South Korea’s KOSPI slipped more than 1 per cent.