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If I lose US presidential election, markets will crash: Donald Trump

US President tells India Inc to invest billions and promises to cut more regulation. Some industry leaders in attendance told Trump their companies are investing in the US. Trump responded to every investment commitment with fulsome praise. He also pegged reduction in regulations to his re-election.

ET Bureau|
Last Updated: Feb 26, 2020, 07.11 AM IST
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NEW DELHI: It was Donald Trump as the world expects him to be — speaking at an interaction with India Inc leaders, he showcased his own contribution to the US economy, promised to cut regulations further, predicted a stock market crash should he lose the presidential election in November, and asked India’s CEOs to invest billions in his country.

The session, held at the US embassy in New Delhi, saw a number of corporate heavy hitters in attendance, including Reliance Industries chairman Mukesh Ambani, ArcelorMittal CEO Lakshmi Mittal, Mahindra Group chairman Anand Mahindra, Tata Sons chairman emeritus Ratan Tata, Tata Sons chairman N Chandrasekaran, Aditya Birla Group chairman KM Birla, Infosys CEO Salil Parekh, and Oyo Hotels & Homes CEO Ritesh Agarwal.

“I feel I am going to win the US presidential elections. When we win, markets will go up,” said Trump. “If I do not win, markets will crash like never before.” He also pegged reduction in regulations to his re-election.

Some industry leaders in attendance told Trump their companies are investing in the US. Trump responded to every investment commitment with fulsome praise, and asked the assembled India Inc captains to invest “billions” more.

India Inc Praises Trump Efforts
Briefing Trump about RIL’s investments, Ambani said, “We are investors in the US’ energy sector and have invested $7 billion.”

Ambani said what Trump does in the US has a rub-off effect on the rest of the world. “In India, we could never have imagined that income tax rates will come down and that Prime Minister Narendra Modi will follow you. All of us in the business community are grateful. We do acquisitions in the US and they are getting approved, and we hope that will continue.”

Trump quipped that this would continue only as long as he is the US President.

The ArcelorMittal CEO praised the US President’s efforts in saving the steel industry.

“What you have done for the steel industry (in the US), for tax reforms, and to reduce regulations, I have never experienced such ease of doing business anywhere else in the world,” Mittal said.

Trump praised Mittal for his $1-billion investment in a “super-efficient and super-modern” steel plant in Alabama.

Mittal then invited the US President to lay the foundation stone for the plant, which Trump readily accepted. “I will be there for the groundbreaking.”

Anand Mahindra said his group had invested $1 billion in the US. “We have invested a billion dollars and right now we are in the shortlist for bids for US Postal Service delivery vehicle. The decision may come out by the end of the year. If that comes through, we will happily invest another billion (dollars) and employ 2,000 people,” he said.

Chandrasekaran said the Tata Group was trying to work with Trump’s daughter Ivanka to try and skill 1 million Americans.

Trump claimed his presidency has reoriented US’ trade with India. “US exports to India are up nearly 60% and exports of high-quality American energy have grown by 500%,” he said. On Monday, the US President spoke of an “incredible” trade deal that will be signed with India. On Tuesday, he said the US International Development Finance Corporation will establish a permanent presence in India.

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