New Delhi, Nov 6, 2024
Indian industry experts on Wednesday welcomed Republican candidate Donald Trump’s resounding victory in the US election, saying they look forward to his policies being more fruitful, not only for the US but for the world economy, particularly for India.
According to experts, India-US trade trajectory must expand to the next level with Trump returning at the helm.
S. P. Sharma, Chief Economist and Deputy Secretary General at PHDCCI, told IANS that the victory of Trump is a historic development as the US economy is the largest with a size of around $30 trillion.
“Our investment scenarios will expand to a new level as we have great expectations from Trump who is always in favour of bolstering bilateral trade which is expected to flourish in the coming times,” said Sharma.
The industry looks forward to strong collaborations in areas like energy, IT and semiconductors with the US companies under Trump.
The US is India’s largest trading partner, with annual trade exceeding $190 billion. Trade in services between the two countries expanded 30.3 per cent from $54.1 billion in 2018 to an estimated $70.5 billion in 2024.
America is a significant market for Indian goods, particularly in sectors like technology, pharmaceuticals, textiles, and engineering products.
According to Jathin Kaithavalappil, Assistant Vice President, Choice Broking, Trump’s coming back to power will set the stage for a renewed US dominance in global markets.
On the sectoral front, a Trump victory would encourage the “China+1” strategy, which could benefit Indian sectors like auto ancillaries, though Indian companies may need to invest in local US operations to take full advantage.
“Furthermore, Trump’s energy policies could lead to lower global oil prices, which would benefit India,” said Kaithavalappil.
Prime Minister Narendra Modi on Wednesday congratulated Trump on his victory, asserting that he is looking forward to renewing collaboration with the leader to further strengthen the India-US Comprehensive Global and Strategic Partnership.(Agency)
