India is in a safe position but the recent US presidential election results could have far-reaching global implications, veteran investor Ramesh Damani has said.
"What has happened for the first time in 75 years, I don't think people have understood that. The first time the US president has unchecked power," Damani said at CNBC-TV18 Global Leadership Summit on November 15.
The president-elect holds sway over the House, the Senate, the White House the Supreme Court, he said, adding Trump also has the popular vote on his side.
Trump’s Republican party is on track to win the House of Representatives, which will give them the control of both chambers of Congress, having retained its Senate majority. Trump’s big win in the presidential election and the Republicans control of Congress will allow him to make sweeping changes which he promised in the run-up to the polls.
The implications of such consolidated power could be immense, particularly for those who might oppose him, Damani said.
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"I’m really afraid that they might say we put tariffs on their economy because they decided to stop immigration. America is built on immigration. So that impacts the world," he said. "Imagine after World War II, America rebuilt Germany and Japan. They beat them to a pulp and still used the Marshall Plan. Can you imagine that happening with India and America today?"
The veteran investor was talking about US-backed programme to aid European countries rebuild after the World War II and also prevent the spread of communism.
International landscape may see major changes going ahead. "The world will perhaps look quite different," he said. "India is lucky that they have a strong domestic economy and emerging economy anyway. So we’ll be fine in the coming times, but the world will look different,” he said.
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