ON JANUARY 20, 2025, President-elect Donald Trump will be sworn-in as the 47th President of the United States of America. For India, Trump's return to the White House is expected to further boost the bilateral ties, experts say. During his previous tenure, bilateral trade grew 11 per cent annually, peaking at $146 billion in 2019. Trump's "America First" policies prioritised balanced trade relationships, resulting in India committing to increased agricultural imports, including $1.6 billion in US soybeans and other commodities.
Trump 2.0 is expected to see renewed focus on defence deals, infrastructure investments, and technology transfers.
India, now a top buyer of US defence equipment with orders exceeding $22 billion, has further opportunities in renewable energy and AI technologies.
Trump's pro-business stance could also spur regulatory alignments, boosting US companies' access to India's growing market. For India, Trump 2.0 may continue to push reforms reducing tariffs and addressing trade imbalances, fostering a robust economic partnership while advancing shared goals in energy, technology, and security.
India-US Trade
As per a CII report from last year, over 160 Indian companies were present across all 50 US states together generating over $40 billion in tangible investments in the US. These companies are said to have created or saved over 425,000 jobs, besides pumping nearly $1 billion into research and development (R&D) in the US and another $195 million into corporate social responsibility efforts. Texas, New York, New Jersey, Washington, Florida and California are currently the biggest beneficiaries of the employment (direct jobs) generated by Indian companies.
This story is from the December 28, 2024 edition of BW Businessworld.
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This story is from the December 28, 2024 edition of BW Businessworld.
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