Musk’s Tesla stock surges 15 pc in early US trade after Trump’s win
The stock of Elon Musk-run Tesla soared almost 15 per cent on Wednesday in early trade on Nasdaq (US time), making it one of the biggest winners in the S&P 500 index.
Indian IT industry’s apex body Nasscom on Wednesday congratulated Republican candidate Donald Trump on his victory in the US presidential polls, saying they look forward to working closely with the new US administration to strengthen the dynamic tech partnership between the two nations.
The tech sector is the key to the US-India bilateral engagement. The US is the largest market for India’s $254 billion tech sector where its overall contribution is $80 billion to the US gross domestic product (GDP).
“Importantly, the industry plays a key role in supporting US companies in strengthening the US economy. Conversely, India is a prime destination for American businesses, with over 1,000 US companies that are driving innovation and leveraging India’s digital infrastructure to create competitive solutions,” Nasscom said in a statement.
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As the tech industry association in India representing Indian and US tech companies, Nasscom said it looks forward to working closely with the government under Trump.
“As the largest and oldest democracies, we look forward to collaborating on various areas including AI and cybersecurity. Nasscom remains committed to advancing this collaboration for a democratic, inclusive and sustainable innovation ecosystem,” the industry chamber stressed.
The US is India’s largest trading partner, with annual trade exceeding $190 billion. Trade in services between the two countries expanded 30.3 per cent from $54.1 billion in 2018 to an estimated $70.5 billion in 2024.
America is a significant market for Indian goods, particularly in sectors like technology, pharmaceuticals, textiles, and engineering products.
Trump made a phenomenal comeback beating back a conviction, three indictments, two assassination attempts, two impeachments, and continuous assault by most of the mainstream media to reclaim the White House. “We made history”, declared Trump who will become the 47th President. He had won 277 electoral college seats out of the total 538.
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