The US President elect is expected to address multiple issues which will endorse the already solid ties between India and the US. Boosting trade, restoring the H1B visas, regional and global security will be a few of the key points under consideration.
The word is out on the street - the markets have evinced undying love for US President elect Joe Biden if the soaring numbers in Dalal Street and Asia are any indicator.
Risk assets got a boost on Monday on expectations of fewer regulatory changes and more monetary stimulus under US president- elect Joe Biden. E-mini futures for the S&P500 jumped 0.6 per cent. MSCI′s broadest index of Asia Pacific shares outside of Japan inched up 0.1 per cent. Japan′s Nikkei gained 2 per cent. Korea′s Kospi was up 1.7 per cent. China′s Shanghai Composite was up 1 per cent. 4
It is being speculated that Biden's march to the White House could see an inflated stimulus-cum quantitative easing (QE) package initiated by the US - should it be passed through the House and Senate, where it is expected to encounter more push back - of as much as a staggering $5 trillion which is substantially more than the $1-2 trillion projections.
Perhaps the best pointer of Biden's triumph elevation would come when India-US economic ties will prepare to reach new highs.
The writing is clear - it is expected that Indian prime minister Narendra Modi and the US President elect will lay out the roadmap for addressing the Covid-19 pandemic; climate change and a rules based global trade policy. Addressing the pandemic will be crucial as the US became the first nation worldwide since the pandemic began to surpass 10 million coronavirus infections, according to a Reuters tally on Sunday, as the third wave of the COVID-19 virus surges across the nation. The grim milestone came on the same day as global coronavirus cases exceeded 50 million.
It is expected that there will be more method, planning and a structured approach to the leadership positions that India and the US seek given that the latter has lost some of its credibility in the global stage and among leading nations, while the former has been hailed as an ideal example of how great nations should present themselves as role models specially in times of global crisis.
Information technology, scientific research, strategic business to business engagements, global security should set the pace of the India-US commitment once the pieces into place after the US elections.
The H1B visa issue, which had been put on the back burner during the tenure of Donald Trump, is expected to be revived once again in what can be seen as a win-win for IT professionals whose services the US industry values. Biden is expected to overturn quite a few of Trump's immigration policies and chief among this will be addressing the issues which have impacted professionals from India with a possible increase in high-skilled visas and the elimination of employment-based visas by country which could see thousands of Indian professionals benefiting. There is also strong sentiment that US Vice President Kamala Harris will be playing a key role in the initiation of the policies by applying her influence to these much awaited executive decisions.
On the issue of India's regional security and the attempts made by key members of the QUAD to establish fair, rules-based trade and security operations in the Indo-Pacific, New Delhi is optimistic that it will find an able ally in the US against the destructive intentions of China.
There is an expectation that this theatre will see more mature negotiations taking place, but the pressure on Beijing to reduce its unhindered attempts to destabilise the Asian region will not reduce. Washington has globally committed to backing India against China's aggressive postures along the LAC and there is little doubt that this support will wane.
Such a step has been reiterated by Biden himself in an op-ed written ahead of the elections when he stated, “The Obama-Biden years were some of the best we've ever had between our two countries...We can and should be natural allies. That's why if elected President, I will continue what I have long called for: The US and India will stand together against terrorism in all its forms and work together to promote a region of peace and stability where neither China nor any other country threatens its neighbours.”
China is clearly America's strategic adversary and this will form the basis of the Biden administration's core policy against Beijing. To execute such policies effectively, Washington will need the services of New Delhi in a role where both nations should be seen as first among equals with focus on the Indo-Pacific region where the political and economic spotlight has shifted. In this, India and the US will benefit from the services of the EU states, specially Germany and France, who have altered their foreign approach for this region in a bid to thwart Chinese President Xi Jinping's expansionist postures.
The future prospects of a new world order emerging, post the US elections, seems to be the anticipation. There is little doubt that in this scheme of affairs India, in collaboration with the US, will be orchestrating a period of global change and optimism.