Industry body ASSOCHAM today expressed confidence that apprehensions linked to President Elect Donald Trump of United States “would certainly prove wrong” in the coming days.
The industry association said Trump’s sober, very fair sounding and statesman like demeanor promising a fair deal with the rest of the world should indicate an opportunity to take India’s bilateral economic engagement with the US to a greater level under the new administration.
“We saw a different Mr Trump who as President elect of the United States of America sounded so conciliatory and sober promising a fair deal with the rest of the world. His words appeared so convincing that the financial markets which were nervous in the beginning recovered quite a ground rightly hoping that the Republican inmate of the White House has a great plan for America up his sleeve”, ASSOCHAM President Mr Sunil Kanoria said in a statement.
India is seen as one of the countries that has the least to lose even if Trump puts into practice his radical promises. While it could see greater protectionism in the US hurting its IT outsourcing business, it would benefit from a re-orientation in the US policy towards terrorism — one of India’s perennial problems.
He said India Inc can join hands with the Trump Administration in building of the US infrastructure projects. The Indian industry has always been a great companion for the US industries in terms of enhancing value even to the American jobs. A great number of Indian companies servicing the US have been employing the local Americans even as they add to the value proposition in their businesses.
Some of the losses in the Sensex and the currency volatility have also been made up as the world would digest rather happily the new fast changing US political landscape. “To that extent, we Indians have to enhance our soft power and be counted as a country which complements the US. Change is the name of the game and status quo is getting challenged all over. The key lies in adapting it fast,” the ASSOCHAM President said.
As for the local factors having an impact on the financial markets, Mr Kanoria expressed hope that the disruptions to the trade would settle once the banks are geared up to meet the demand for currency swap.