A billboard promotes the luxury residential apartment complex Trump Tower Mumbai. The US president-elect has substantial business interests in India. Indranil Mukherjee / AFP
A billboard promotes the luxury residential apartment complex Trump Tower Mumbai. The US president-elect has substantial business interests in India. Indranil Mukherjee / AFP

India faces double-edged Donald Trump



MUMBAI // Indian business leaders are largely upbeat on the American president-elect Donald Trump and the future of US and Indian economic relations.

Despite some concerns that his immigration policy and plans to reduce outsourcing could hit the Indian IT industry, many believe that his victory could in fact signal a move towards stronger economic and trade relations.

“While the scope and nature of impact will only be seen when Donald Trump assumes office, it is my belief that the US-India relations should experience a new high under the Trump administration,” says Arun Ramamurthy, the director of Credit Sudhaar, a finance and credit company in India.

“Trump during his presidential campaign had clearly pronounced suspicion towards China and its skewed trade policies. In case the Trump administration decides to take a tough stand on China, Indo-US ties can experience a new surge. This will have a positive impact on the trade and economic ties as well.”

Tensions between Trump and China have been rising, even before the controversial president-elect comes to power next month, which could signal that relations are set to deteriorate between the world’s largest economies. Trump was critical of China’s trade and currency policies during his campaign and following a recent call to Taiwan’s president, which China objected to, a few days ago he posted a series of tweets attacking China’s monetary policy and military operations.

Meanwhile, Trump has described India as “a great country” and promised that their relations will be “the best ever”.

“It’s important to understand that Donald Trump is an enigma so it’s very hard to predict anything,” says Raghu Kumar, the director of Upstox, an online brokerage, and a US citizen who is currently based in Mumbai. “But no matter how you slice and dice it, I think India will benefit.”

He believes that if tensions with China spirals into an issue that affects trade between China and the US, that could be to the advantage of Indian manufacturing and trade, as the US turns to India instead.

There could be “huge jump in the [Indian] markets” as a result of Trump’s victory, something that is not happening now because of India’s demonetisation move, Mr Kumar adds.

What is also promising is the fact that Trump has significant business interests in India. In Mumbai, he has lent his name to a branded Trump luxury apartments project, being built by Lodha Group, a local developer. He has a similar project in Pune, being developed by Panchshil Realty, as well as projects in Kolkata and Gurgaon. An analysis by The Washington Post revealed that Trump’s company has created more business ventures in India with developers than any other country.

But the president-elect has signalled that he does want to bring jobs that have been outsourced overseas back to America and that he wants to reduce the number of H1-B visas, which allows employment of specialised foreign workers in the US. This would impact the number of Indians that could work in the IT sector in the country, which would hurt Indian IT firms, already under pressure and facing increased competition from other countries. Indian IT companies including Infosys, Tata Consultancy Services, and Wipro, use H1-B visas to send IT professionals to the US to service clients there.

“The world over, there’s a lot of protectionism coming in and push back on immigration,” Pravin Rao, the chief operating officer at Infosys told Reuters. “Unfortunately, people are confusing immigration with a high-skilled temporary workforce, because we are really a temporary workforce. We have to accelerate hiring of locals if they are available, and start recruiting freshers from universities there.” This would inevitably push up costs for Indian IT companies.

Mr Rao also said that Infosys was looking at accelerating acquisitions in the US to boost their presence in the country and try to defend themselves from protectionist measures.

The message that Trump wants to stop the flow of jobs out of India could also be bad news for the Indian manufacturing sector. US aviation firms Boeing and Lockheed Martin have proposed to build jets in India, but it is not clear if Trump’s victory could have an impact on these plans.

“The administration plans to prioritise the jobs and wages of the American people by establishing new immigration controls which could ensure that American workers are offered, open jobs, first,” says Abhishek Shindadkar, a research analyst at Equirus Securities in Mumbai. “Election results could raise protectionist voices leading to measures such as higher visa costs.”

But others are more optimistic about the situation.

“The change of guard at the US government will not have any significant impact on the Indian IT industry,” says BVR Mohan Reddy, the founder and executive chairman of Cyient, an engineering services and technology company headquartered in Hyderabad and with a presence in the US.

“Over the years, India’s IT sector has consistently added value to the US economy in multiple ways. Indian IT companies have not only helped make US companies more efficient and competitive, but have also helped them develop new technologies and new products thereby significantly benefiting those companies, their customers, American job growth and contributing to the US economy at large.”

He thinks that on closer examination of the issue, Trump will be unlikely to do anything that would jeopardise the Indian IT sector’s contribution to the US economy.

“As the rhetoric of the presidential contest fades into the past, the Trump administration will need to make way for mutually beneficial trade with India. Trump will need to take a more balanced approach to high-skilled visas, and cannot overlook the Indian IT sector’s instrumental role in the US economy.”

Mr Shindadkar is of a similar opinion.

“Economics could replace rhetoric’s given outsourcing is not a one-way-affair and that outsourcing while generating employment in India has saved millions for corporate America,” he says.

Ajay Kolla, the founder and chief executive of Wisdomjobs.com, says that there are “three things that go in favour of the Indian IT industry is its cost effectiveness, superior domain knowledge and availability of quality talent”, which should protect the sector, he believes.

And there are strong indications that Trump has been trying to win favour among Indians in the US.

“Before the elections were closing, [Trump] was trying to generate good vibes among NRIs,” says Mr Kumar.

Trump’s daughter, Ivanka Trump, celebrated the Diwali festival with Indian Americans at a temple in Virginia, for example.

“Indians have a lot of respect in the US,” says Mr Kumar. “It would be extremely damaging for Trump to come out tomorrow to say, ‘India is stealing all our jobs’. I think he wants to encourage more business between the US and India.”

Despite the controversies surrounding Trump, it is clear that he seems to have won over substantial support from businesses in India.

“I feel Trump will be very positive for India and business,” says Srinivasan Gopalan, the chief executive of Ozone Group, a property developer in Bangalore.

He cites the fact that Trump has appointed two women of Indian origin, Nikki Haley and Seema Verma, to his cabinet, as evidence of the importance of the Indian community.

“The Indian ethnic community in the US is educated and affluent and holds considerable clout.”

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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

Racecard

7pm: Abu Dhabi - Conditions (PA) Dh 80,000 (Dirt) 1,600m

7.30pm: Dubai - Maiden (TB) Dh82,500 (D) 1,400m

8pm: Sharjah - Maiden (TB) Dh82,500 (D) 1,600m

8.30pm: Ajman - Handicap (TB) Dh82,500 (D) 2,200m

9pm: Umm Al Quwain - The Entisar - Listed (TB) Dh132,500 (D) 2,000m

9.30pm: Ras Al Khaimah - Rated Conditions (TB) Dh95,000 (D) 1,600m

10pm: Fujairah - Handicap (TB) Dh87,500 (D) 1,200m

Ticket prices

General admission Dh295 (under-three free)

Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free

Buy tickets at: wbworldabudhabi.com/en/tickets

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

Credits

Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5

MATCH INFO

Barcelona v Real Madrid, 11pm UAE

Match is on BeIN Sports

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Klopp at the Kop

Matches 68; Wins 35; Draws 19; Losses 14; Goals For 133; Goals Against 82

  • Eighth place in Premier League in 2015/16
  • Runners-up in Europa League in 2016
  • Runners-up in League Cup in 2016
  • Fourth place in Premier League in 2016/17
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The biog

Age: 23

Occupation: Founder of the Studio, formerly an analyst at Cleveland Clinic Abu Dhabi

Education: Bachelor of science in industrial engineering

Favourite hobby: playing the piano

Favourite quote: "There is a key to every door and a dawn to every dark night"

Family: Married and with a daughter

Earth under attack: Cosmic impacts throughout history

4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon

- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.

50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater

1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.  

1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.

1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.

-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
UAE currency: the story behind the money in your pockets
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Primera Liga fixtures (all times UAE: 4 GMT)

Friday
Real Sociedad v Villarreal (10.15pm)
Real Betis v Celta Vigo (midnight)
Saturday
Alaves v Barcelona (8.15pm)
Levante v Deportivo La Coruna (10.15pm)
Girona v Malaga (10.15pm)
Las Palmas v Atletico Madrid (12.15am)
Sunday
Espanyol v Leganes (8.15pm)
Eibar v Athletic Bilbao (8.15pm)
Getafe v Sevilla (10.15pm)
Real Madrid v Valencia (10.15pm)

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
MATCH INFO

Uefa Champions League, semi-final result:

Liverpool 4-0 Barcelona

Liverpool win 4-3 on aggregate

Champions Legaue final: June 1, Madrid

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Fight card
  • Aliu Bamidele Lasisi (Nigeria) beat Artid Vamrungauea (Thailand) POINTS
  • Julaidah Abdulfatah (Saudi Arabia) beat Martin Kabrhel (Czech Rep) POINTS
  • Kem Ljungquist (Denmark) beat Mourad Omar (Egypt) TKO
  • Michael Lawal (UK) beat Tamas Kozma (Hungary) KO​​​​​​​
  • Zuhayr Al Qahtani (Saudi Arabia) beat Mohammed Mahmoud (UK) POINTS
  • Darren Surtees (UK) beat Kane Baker (UK) KO
  • Chris Eubank Jr (UK) beat JJ McDonagh (Ireland) TKO
  • Callum Smith (UK) beat George Groves (UK) KO
LA LIGA FIXTURES

Friday Athletic Bilbao v Celta Vigo (Kick-off midnight UAE)

Saturday Levante v Getafe (5pm), Sevilla v Real Madrid (7.15pm), Atletico Madrid v Real Valladolid (9.30pm), Cadiz v Barcelona (midnight)

Sunday Granada v Huesca (5pm), Osasuna v Real Betis (7.15pm), Villarreal v Elche (9.30pm), Alaves v Real Sociedad (midnight)

Monday Eibar v Valencia (midnight)

Secret Pigeon Service: Operation Colomba, Resistance and the Struggle to Liberate Europe
Gordon Corera, Harper Collins

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Scotland v Ireland:

Scotland (15-1): Stuart Hogg; Tommy Seymour, Huw Jones, Sam Johnson, Sean Maitland; Finn Russell, Greig Laidlaw (capt); Josh Strauss, James Ritchie, Ryan Wilson; Jonny Gray, Grant Gilchrist; Simon Berghan, Stuart McInally, Allan Dell

Replacements: Fraser Brown, Jamie Bhatti, D'arcy Rae, Ben Toolis, Rob Harley, Ali Price, Pete Horne, Blair Kinghorn

Coach: Gregor Townsend (SCO)

Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy

Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour

Coach: Joe Schmidt (NZL)