Business
India backs US growth agenda at G20; FM Sitharaman says global imbalances need to be sorted out
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.
Mumbai, Sep 23: The Indian equity markets inched up marginally early on Wednesday as crude prices eased below $100 per barrel mark. Investors also remain keen on easing global tensions ahead of scheduled talks between US President Donald Trump and his Chinese counterpart Xi Jinping.
As of 9.20 am, Sensex added 194 points, or 0.26 per cent, to reach 74,732 and Nifty gained 49 points, or 0.21 per cent to reach 23,378.
Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 added 0.33 per cent, and the Nifty Smallcap 100 advanced 0.6 per cent.
Sectoral indices on NSE traded in green except Nifty IT, down 0.37 per cent. Nifty metal was the top gainer, up 1.06 per cent, followed by FMCG and PSU Bank, up 0.55 per cent and 0.5 per cent, respectively.
“The structure of the market in recent days has been technically weak with a downward bias and will remain so in the absence of significant triggers. A sharp dip in crude prices or US bond yields can provide that trigger,” analysts said.
“Domestic liquidity is supporting the broader market. Market activity is now focused on the broader market. Good growth and better growth prospects are attracting investment into many mid-and small-caps but valuations in these segments are getting stretched,” they added.
Global cues are mixed as Asian markets remain broadly positive, supported by technology stocks, while Wall Street stayed near record levels amid renewed AI optimism.
In the previous session, Nifty closed at 23,329, down 0.43 per cent, after opening higher at 23,454. Immediate support is placed at 23,150–23,200, while resistance is seen at 23,450–23,500.
In the previous session, Bank Nifty closed at 56,215, down 0.49 per cent. Immediate support is placed at 55,800–56,000, while resistance is seen at 56,500–56,600.
In Asian markets, China’s Shanghai index shed 0.34 per cent, and Shenzhen lost 0.57 per cent, Japan’s Nikkei added 1.38 per cent, and Hong Kong’s Hang Seng Index declined 0.78 per cent. South Korea’s Kospi added 0.08 per cent.
The US markets ended mixed overnight as Nasdaq gained 0.45 per cent. The S&P 500 remained flat, and the Dow Jones shed 0.36 per cent.
On September 22, foreign institutional investors (FIIs) net sold equities worth Rs 3,800 crore, while domestic institutional investors (DIIs) bought equities worth Rs 4,120 crore.
New Delhi, Sep 22: After Meta, US tech giant Google will report content flagged as child sexual abuse material (CSAM) directly to the Indian authorities, contrary to the long‑standing global practice of routing such reports through a US non‑profit organisation.
Meta announced a similar change last week after Indian officials pressed major tech firms in recent weeks to speed up reporting, citing concerns that the existing system delays reports considerably.
Google “invests significantly to detect, deter, remove, and report child sexual abuse material,” a company spokesperson said, describing the change as part of the company’s “ongoing discussions with the government of India.”
Meta and Alphabet’s Google used to send tips to the US‑based National Center for Missing & Exploited Children (NCMEC) which then relayed them to local law enforcement, according to reports.
Such a practice could cause dangerous delays in cases where children may be at immediate risk as reports pass through an intermediary before reaching domestic police who can act on the ground.
The US nonprofit that erstwhile used to receive such reports first hand runs CyberTipline portal that recorded nearly 21.3 million reports from around the world of suspected child sexual exploitation in 2025.
India remains the largest market by user count for both Meta’s Facebook and Google’s YouTube. Meta’s shift in policy comes after weeks of friction with New Delhi, including an apology last month by CEO Mark Zuckerberg over the spread of child sexual abuse material on the company’s platforms.
Technology and law enforcement officials in the United States, the European Union and elsewhere have urged platforms to bolster detection and reporting. However, most countries continue to route reports through the US nonprofit as the primary international clearing house.
The Central government, in July, directed Google to take down multiple Firebase web development accounts that were impersonating the websites and mobile apps of major public- and private-sector banks and other financial institutions.
Mumbai, Sep 22: The Indian equity markets inched up slightly on Tuesday morning, tracking positive global cues and correction in global crude prices.
As of 9.20 am, Sensex added 64 points, or 0.10 per cent, to reach 74,914 and Nifty gained 34 points, or 0.15 per cent, to reach 23,449.
Main broad-cap indices outperformed gains of the benchmark indices, as the Nifty Midcap 100 added 0.33 per cent, and the Nifty Smallcap 100 advanced 0.4 per cent.
Sectoral indices on NSE traded in green except Nifty IT down 1.09 per cent and FMCG down 0.01 per cent. Nifty realty was the top gainer, up 1 per cent, followed by chemicals, up 0.64 per cent.
“With precious metals stabilising and fixed income returns becoming attractive, investors can now opt for a multi-asset strategy,” an analyst said.
WTI crude trading in the $92–$93-a-barrel range and a stronger rupee provided additional comfort on the broader macroeconomic front.
Global risk sentiment has improved, with US equities posting strong gains and Asian markets largely positive, while softer crude prices have eased some pressure on oil-importing economies.
In the previous session, Nifty surged 0.29 per cent and closed at 23,414. Immediate support is placed at 23,250–23,300, while resistance is seen at 23,550–23,600.
In the previous session, Bank Nifty closed at 56,470, up 0.20 per cent. Immediate support is placed at 56,000–56,300, while resistance is seen at 56,800–57,000, said analysts.
In Asian markets, China’s Shanghai index gained 0.22 per cent, and Shenzhen added 0.62 per cent, Japan’s Nikkei added 1.38 per cent, and Hong Kong’s Hang Seng Index added 0.41 per cent. South Korea’s Kospi added 1.89 per cent.
The US markets ended in green overnight as Nasdaq gained 2.26 per cent. The S&P 500 added 1.49 per cent, and the Dow Jones added 0.71 per cent.
On September 21, foreign institutional investors (FIIs) net sold equities worth Rs 576 crore, while domestic institutional investors (DIIs) bought equities worth Rs 2,800 crore.
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