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What is the story about?
Sergio Gor, the new US Ambassador to India, announced that there is no important ally for the US than India, and that the next round of trade talks between the two nations will take place tomorrow.
The remarks have triggered a sharp recovery in the Indian stock markets. The Nifty 50, which was down for the sixth day in a row, has recovered 200 points from the lows of the day, the Nifty Bank has recovered 400 points, while the Midcap and Smallcap indices have recovered 600 and 170 points respectively from the lows of the session.
Gor also announced that India will be part of the US-led initiative Pax Silica, which has triggered a recovery in shares of critical mineral companies such as GMDC, NALCO and others.
Pax Silica is the US Department of State’s flagship effort on AI and supply chain security, advancing new economic security consensus among allies and trusted partners.
Indian equities have had the worst start to the year in a decade, with the Nifty 50 index declining 2.5% in the eight trading sessions of the year so far, with 30 out of 50 index constituents delivering negative returns.
Gor highlighted that Trump sends his best wishes to India and to Prime Minister Narendra Modi, and may also visit India in the next year or two.
"India is the world's largest nation, so it's not an easy task to get this across the finish line, but we are determined to get there, and while trade is very important for our relationship, we will continue to work closely together on other very important areas, such as security, counter terrorism, energy, technology, education and health," the new US Ambassador to India said.
India's exports to the US currently attract a 50% tariff rate, which is the highest in the world, along with Brazil.
The remarks have triggered a sharp recovery in the Indian stock markets. The Nifty 50, which was down for the sixth day in a row, has recovered 200 points from the lows of the day, the Nifty Bank has recovered 400 points, while the Midcap and Smallcap indices have recovered 600 and 170 points respectively from the lows of the session.
Gor also announced that India will be part of the US-led initiative Pax Silica, which has triggered a recovery in shares of critical mineral companies such as GMDC, NALCO and others.
Pax Silica is the US Department of State’s flagship effort on AI and supply chain security, advancing new economic security consensus among allies and trusted partners.
Indian equities have had the worst start to the year in a decade, with the Nifty 50 index declining 2.5% in the eight trading sessions of the year so far, with 30 out of 50 index constituents delivering negative returns.
Gor highlighted that Trump sends his best wishes to India and to Prime Minister Narendra Modi, and may also visit India in the next year or two.
"India is the world's largest nation, so it's not an easy task to get this across the finish line, but we are determined to get there, and while trade is very important for our relationship, we will continue to work closely together on other very important areas, such as security, counter terrorism, energy, technology, education and health," the new US Ambassador to India said.
India's exports to the US currently attract a 50% tariff rate, which is the highest in the world, along with Brazil.
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