India Inc hails Trump triumph, seeks US mkt access for pharma

With Donald Trump set to become the next US President, India Inc today sought greater access for the country's pharmaceutical products in the US market and mobility of skilled labour.
The industry also tried to allay concerns related to the billionaire businessman, expressing confidence that apprehensions linked to him would "certainly prove wrong", saying it looks forward to take the bilateral economic engagement to a greater level under the Trump administration.
"We hope that challenges relating to mobility of skilled labour, market access for pharmaceutical products from India, and financial services institutions and SMEs will be addressed," CII President Naushad Forbes said.

"Our primary focus areas with the US have been standards, manufacturing competitiveness, defence collaboration and mobility of high skilled labour. We look forward to working with the Trump administration to further cement this critical partnership."
In a stunning result, Trump beat seasoned politician Hillary Clinton in the knife-edge polls, defying the odds to become the 45th US President after starting off as a rank political outsider.
Seeking to "bind the wounds of division" after a bitter and divisive campaign, Trump pledged to be the President for all Americans and asked Republicans, Democrats and independents across the country to come together as one united people.

Skipping policy issues in his victory speech, the 70-year-old President-elect congratulated his Democrat rival Hillary Clinton with whom he had crossed words during the long, often ugly campaign, saying she fought very hard.

"We saw a different 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," Assocham President Sunil Kanoria said.
"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."

Engineering exporters' body EEPC India Chairman T S Bhasin said: "Trump has stated clearly that his focus would be to spend huge funds on building the US infrastructure like highways, airports and the like. That would generate great demand for engineering exports in areas like steel, machinery and high technology domains."
"I am certain that Trump will further strengthen the ties between India and US that have been on an upturn in the last decade reflecting convergence of interests on bilateral, economic, regional and global issues," said Yes Bank MD and CEO Rana Kapoor.
"From an economic perspective, India enjoys a trade surplus of USD 20 billion with the US, with the latter being the 5th largest contributor to FDI inflows in our country. The symbiotic dependence between India-US is only bound to increase as India remains the fastest-growing economy in the world."

He said leaders of both India and the US must galvanise fresh efforts on unfinished agenda such as the Bilateral Investment Treaty (BIT) and explore newer avenues of trade and investment.
CMD of trading and investment firm Amrapali Aadya Capt Sanjeev Sinha termed Trump's victory as "a rescuer" for the Indian pharmaceutical sector.
"We are expecting some sign of relief for pharma after the victory of Trump," he said.
Regarding the outlook for the global equity and currency markets, Sinha said going forward, the dollar is likely to strengthen and emerging markets will fall.
"Hence, financial conditions are likely to tighten a lot, which could affect growth negatively. We expect the Fed to wait and watch for any hike to see how growth is going to turn post election, he said.

Industry body Ficci said Trump's victory comes at a time when relations between India and the US are witnessing a paradigm shift marked by significant convergence on strategic perspectives and enhanced economic engagement, expressing confidence that India and the US will reach higher trajectories of growth in bilateral ties and economic cooperation.
Fortis Healthcare Ltd Executive Chairman Malvinder Mohan Singh said that under Trumps' dynamic leadership, India-US business relationships will be further strengthened.
"India maintains a good relationship with the US and we hope that under his dynamic leadership, India-US business relationships and other strategic ties will be further strengthened. Together, we will celebrate our shared principles, bilateral interests and prosperity," said Singh.