'Wait & watch': India gearing up for any change in US policy, says CEA V Anantha Nageswaran
Trump’s return to the White House, chief economic adviser (CEA) V Anantha Nageswaran said on Wednesday, cautioning against any “kneejerk reaction” to the current bout of stock market volatility.
The CEA was in conversation with economist Prachi Mishra at the ET India Ascends event.
While capital has flooded into the US markets over the past week in the aftermath of Trump’s victory, “I'm not entirely sure that this will sustain over a very long term,” he said. “Because even before this election happened, US stocks were somewhat elevated in valuation, etc., and the Federal Reserve is cutting interest rates. So I think we can give some time for the financial markets to take a breath….”
The surge of funds into the US has sucked out capital from several markets, especially emerging ones. The Sensex shed 1.25% on Wednesday to close at 77,691 points but it’s still higher than the early June level.
The CEA hoped for a broad policy continuity in the US, given that Trump’s programmes from his first term had been largely followed by the Joe Biden administration but indicated that India is gearing up for any possible changes.
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