Joseph Robinette Biden Jr. has defeated Donald Trump to become the 46^th US President and will be sworn into office on 20^th January 2021.

Questions are always there about the fair presidential election but there is a famous quote  "In a democracy, someone who fails to get elected to office can always console himself with the thought that there was something not quite fair about it.”

Anyway, in choosing Biden over Trump, the American voters have most likely changed the course of the global economy.

And you can easily identify the economic relationship between India and America through these key points and figures :-

Trade Surplus:  CARE Ratings (a credit rating agency) shows that over the past 20 years, India has always had a trade surplus (exports exceeding imports) with the US.

The trade surplus has widened from USD 5.2 billion in 2001-02 to USD 17.3 billion in 2019-20. Trade surplus had peaked at USD 21.2 billion in 2017-18 and has moderated to some extent.

In 2019-20, India exported goods worth USD 53 billion to the US - that’s roughly 17% of all Indian exports that year and imported goods worth USD 35.7 billion in return - that’s roughly 7.5% of all Indian imports.

Trade in Services: 

India accounts for nearly 5% of USA’s services imports from the World.

Investment:

The US is the fifth-biggest source for Foreign Direct Investment into India. 

The US accounts for one-third of all Foreign Portfolio Investments  into India.

What will change after election

Economic Relations: Under Biden administration, India’s trade with the US could recover from the dip since 2017-18.

H1-B Visa Issue:

Under President Trump,owing to his policy of “America First”, India had suffered the most.

H-1B visa is a non-immigrant visa that allows American companies to employ foreign workers in different sectors.

Biden plans to increase the number of high-skilled visas, including the H-1B, and eliminate the limit on employment-based visas by country, both of which are expected to benefit tens of thousands of Indian professionals

Preference to India :  US’ Generalized System of Preference (GSP) could come up for reconsideration under Biden.

In 2019, President Donald Trump had terminated India's designation as a beneficiary developing nation under the GSP. GSP is designed to promote economic development by allowing duty-free entry for thousands of products .

Biden seems to be kind in this scenario too

Data localisation and medicines:-

Issue of data localisation and prices of medicines and medical devices - have a chance of getting towards a resolution.

Further, under the Trump administration, the US sanctions on Iran forces India to export crude oil from USA instead of cheap export from Iran.

And it is more likely that a Biden administration will help India against China, instead of clubbing the two together

Biden understands the need to control the Covid pandemic before any sustainable economic recovery can take place — either in the US or elsewhere and help other countries strengthen other countries.

The latest research reveals that  Biden coming  to power by winning the White House is likely to benefit Indian investors by providing ‘potentially more favorable US trade policies and attract many new and experienced investors,” and we can always hope for good ...

We are all expecting a better future together