New Delhi . Indian industry is welcoming the victory of Republican candidate Donald Trump in the US elections. Indian industry experts said on Wednesday 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 back to power, the scope of IndiaUS trade should increase to the next level.
Dr SP Sharma, Chief Economist and Deputy Secretary General, PHDCCI, told that Trump's victory is a historic development as the US economy is the largest economy with a size of around $30 trillion.
“Our investment prospects will rise to a new level as we have high expectations from Trump, who is always in favor of promoting bilateral trade. Bilateral trade is expected to flourish in the times to come,” Sharma said.
The industry expects stronger cooperation with American companies in sectors like energy, IT and semiconductors under Trump's leadership. The US is India's largest trading partner, with annual trade exceeding $190 billion. Trade in services between the two countries is expected to grow by 30.3 percent from $54.1 billion in 2018 to a projected $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 Kathavalappil, assistant vice president at Choice Broking, Trump's return to power will set the stage for America's new dominance in global markets. On the sectoral front, a Trump victory would encourage a “China+1” strategy, which could benefit Indian sectors such as auto ancillaries, although Indian companies may need to invest in local US operations to reap the full benefits.
“Trump's energy policies could lower global oil prices, which would benefit India,” Kathavalappil said.
Prime Minister Narendra Modi on Wednesday congratulated Trump on his victory and said he looked forward to reshaping cooperation with him to further strengthen the IndiaUS comprehensive global and strategic partnership.
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Image Credit: KhasKhabar.