Indian industry expects Trump’s policies to be successful in the energy and IT sectors
New Delhi| Indian industry is welcoming the victory of Republican candidate Donald Trump in the US elections. Indian industry experts said that they are hopeful that Trump’s policies will prove successful not only for America but also for the world economy, especially India.
According to experts, after Trump comes to power again, the scope of India-US trade should increase to the next level. PHDCCI Chief Economist and Deputy Secretary General Dr. SP Sharma told IANS that Trump’s victory is a historic development, as the US economy is the largest economy with a size of about $30 trillion.
“Our investment outlook will rise to a new level as we have high expectations from Trump, who is always in favor of promoting bilateral trade”, Sharma said. Bilateral trade is expected to flourish in the coming period”.
The industry expects strong cooperation with American companies under Trump’s leadership in sectors like energy, IT and semiconductors. The U.S. is India’s largest trading partner, with an annual trade of over $190 billion. Trade in services between the two countries increased by 30.3 percent from $54.1 billion in 2018 to an estimated $70.5 billion in 2024.
The US is an important market for Indian goods, including sectors such as technology, pharmaceuticals, textiles and engineering products.
According to Jathin Kathawlappil, assistant vice president of Choice Broking, Trump’s return to power will set the stage for America’s new dominance in global markets. On the Sectoral Front, Trump’s victory would encourage a “China+1” strategy, which could benefit an Indian sector such as auto subsidiaries, although Indian companies may need to invest in local U.S. operations to take full advantage. “Trump’s energy policies could lower global oil prices, which would benefit India”, Kathawlappil said.
Prime Minister Narendra Modi congratulated Trump on his victory and said he is ready to reshape cooperation with him to further strengthen the India-US comprehensive global and strategic partnership.
