US Treasury Secretary Janet Yellen's visit to India reflects the profoundness of bilateral ties, US India Strategic and Partnership Forum said on Saturday, asserting that the strong commercial relationship has fructified due to the shared democratic outlook and strong people-to-people contacts.

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In her first visit to India as Secretary of the Treasury, Yellen on Friday termed India as an "indispensable partner to the US" and called for further strengthening trade and investment between the two nations.

"Secretary Yellen's visit to India, shortly after meeting her counterpart Finance Minister Sitharaman in Washington a few weeks ago, reflects the profoundness of the relationship and the deep collaboration that exist between various ministries, beyond the principal and Foreign Minister and Secretary of State level meetings," USISPF president Mukesh Aghi said.

Both Secretary Yellen and Finance Minister Nirmala Sitharaman have used this august forum in the US-India Economic and Financial Partnership dialogue to solve pressing challenges, particularly climate financing, with reference to the ongoing COP27 summit and building resilient supply chains through the Indo-Pacific Economic Framework (IPEF), he said in a statement at the conclusion of the important visit by the Treasury Secretary.

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Washington recognises New Delhi as an indispensable partner in the region and will support India's G20 presidency to achieve their shared goals and priorities, he said. "The strong commercial relationship has fructified due to the shared democratic outlook and strong people-to-people ties that exist," Aghi said.

Yellen spoke at the US-India Businesses and Investment Opportunities event in New Delhi on Friday.

Addressing the event, Finance Minister Sitharaman said India has emerged as one of the fastest-growing major economies in the world.

India recently surpassed the UK to become the fifth-largest economy in the world and is expected to be one of the top three economic powers globally over the next 10-15 years, she said.

The economic ties between the two countries are touching new heights. The US is India's biggest trading partner and the bilateral trade reached an all-time high of over USD 150 billion in 2021.