BENGALURU: With Donald Trump’s return to White House, India’s IT industry, start-ups and crypto markets are in upbeat mood as they believe this victory will be positive for the tech ecosystem.
Nasscom in a statement said the tech sector is the key lynchpin of the US-India bilateral engagement. “US is the largest market for India’s $254 billion tech sector where its overall contribution is $80 billion to US GDP. Importantly, the industry plays a key role in supporting US companies in strengthening the US economy,” it said.
India is a prime destination for US businesses, with over 1,000 American companies that are driving innovation and leveraging the country’s digital infrastructure to create competitive solutions, it added.
Ramesh Alluri Reddy, CEO, TeamLease Degree Apprenticeship, sees substantial potential for growth in trade, skilled workforce demand and collaborative economic development. As per him, a key area of expansion lies in the growth of Global Capability Centres (GCCs), with numerous US companies eager to tap into the country’s skilled labour pool, setting the stage for job creation.
He pointed out trade data between the countries. US exports to India saw an 84% rise from $22,105.7 million in 2012 to $39,817.4 million in 2021, while imports from India surged by nearly 81%, from $40,512.6 million to $73,308.2 million over the same period.
Trump’s pro-start-up policies are likely to attract more US investment, similar to his previous term when American investors accounted for 60% of total investments in Indian start-ups, said Somdutta Singh, angel investor, founder and CEO of Assiduus.
“Trump’s focus on countering China’s economic influence may redirect investments toward India, creating more opportunities for our start-ups. Enhanced military cooperation aligns with India’s strategic interests and could benefit defence-related start-ups, while his pro-business stance is expected to bolster sectors like energy and commodities,” she added.
Meanwhile, Bitcoin surged to a new all-time high above $74,000 and crypto exchanges CoinDCX and CoinSwitch saw a surge in trading volumes. On the spot market, CoinDCX noticed $11.82 million in total trading volume marking the highest of this quarter, with BTC alone hitting its highest volume of the quarter at $1.83 million.