India Looks To Benefit With Biden Presidency
Apart from the emotional connect with American Vice President to take office Kamala Harris, India has many reasons to rejoice the new line of leadership at the White House.
For one, there will be reversal of everything that was wrong in terms of Covid-19 recovery plans amongst nations. That means Indian pharma companies can now benefit from Bidenâ€™s plans to push for generic prescriptions and access to affordable health insurance.
US President-elect Joe Biden plans to protect and strengthen the Affordable Care Act, which ensures a reduction in healthcare costs and access to health insurance for Americans. India is in a win-win situation again.
With America having been dependent for its generic drug formulations from India, this is good news for the pharmaceutical industry. To be elected by February, Biden is going to face some resistance at the Senate with his altered and new policies. But the overall picture is going to be favourable for India, even in other sectors.
IT companies will benefit from Bidenâ€™s H-1B visa reform. Indiaâ€™s plans to relocate production facilities from China will gain momentum. However, the Centre might have to join the Trans-Pacific Partnership Agreement. Biden is also going to push for renewable energy investments, which is good news for Indiaâ€™s plans to contribute to the Paris Agreement on Climate Change.
Further, Biden plans to encourage more investment into electric vehicles, a second railroad revolution, modernizing airports, building of smart cities and constructing and repairing roads and highways. All this is going to open doors of investment and business between both countries.
There is less to fear for India, especially over trade disputes that instigated by Trumpâ€™s immature policy handing, could have led to war footing with China and other countries.