US Treasury Secretary Janet Yellen will travel to New Delhi to participate in the G20 leaders summit. This will be Yellen's fourth visit to India in 10 months. According to the Treasury Department, Yellen will focus on strengthening the global economy and supporting low- and middle-income countries by advancing efforts on debt restructurings, the evolution of multilateral development banks (MDBs), and building International Monetary Fund trust fund resources during the G20 summit.

The Treasury said Yellen also will rally America's G20 allies to maintain economic support for Ukraine and increase costs on Russia over Moscow's continuing war in Ukraine. This includes supporting the G7-led price cap on Russian oil exports and efforts to strengthen global food security in the face of restrictions on Ukrainian grain exports.

At the same time, the Treasury said Yellen would work to deepen U.S. bilateral ties with India, viewing the country as an alternative to China for US investment and supply chains.

Meanwhile, reports have emerged that Chinese President Xi Jinping is likely to skip the G20 Summit.

Russian President Vladimir Putin has already said he will not be travelling to New Delhi and will send Foreign Minister Sergei Lavrov instead.

The G20 summit is seen as an important showcase for India, with the country coming off a successful lunar landing and touting itself as a rising power with attractive markets and a source for global supply chain diversification.

The G20 summit will be held in Delhi on September 9 and 10. India assumed the G20 Presidency on December 1, last year.