Change of guard in US will boost bilateral biz

Indian IT, pharma and other sectors will stand to gain: Industrialists

Visakhapatnam: The indications on the reversal of harsh decisions taken by the Trump administration has given a big hope to the Indian businesses to boost exports and attract FDI with Joe Biden taking over as the President of the United States. "Biden has already said that he would work out solutions to various issues to strengthen bilateral ties. Integrated solutions will certainly favour Indian businesses a lot," RVS. Raju, Director of RHI Clasil Ltd, told Bizz Buzz on Friday.

Entrepreneurs from Andhra Pradesh have expressed the confidence that IT, pharma and other sectors will stand to gain with change of guard in the United States. India and America bilateral trade and commerce was estimated at around $150 billion in 2019.

For Potluri Bhaskar Rao, General Secretary, AP Chambers of Commerce and Industry Federation, IT would get the largest benefit with favourable indications that the visa quota for India would be liberalised. In the White House also, Indian Americans have been given key positions with Kamala Harris becoming the Vice President. Pharma and food processing industry in addition to IT would grow at a faster pace, he said adding that India would emerge as a very strong ally of the United States.

R.L.Narayana, chairman of committee on investments, IT Association of AP (ITAAP), said with permissions to get more number of work visas and allowing spouses to work would give a greater mileage to Indian entrepreneurs .He said investments would pick up once the US economy starts opening up.

According to Narayana, compared to South Africa, Philippines and Vietnam India had bright scope to do well in improving bilateral ties especially in IT and business process management sector as Indian companies had revived their operations almost immediately after lockdown conditions were relaxed.