EXPLAINED: U.S. election's impact on Indian economy

As the U.S. election date approaches, investors worldwide are closely monitoring the outcome of the vote in the world's oldest democracy.

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The results could also impact India's economy, particularly if the leadership changes its approach to economic policies affecting the country.

According to a report by PhillipCapital, a Trump victory could lead to stricter work visa policies due to his firm stance on immigration, posing challenges for Indian IT firms.

However, the report noted that "prima facie, impact seems harsher if Trump wins, given his anti-immigration stance. However, Indian IT companies have tried to de-risk this challenge by hiring more locals in onsite markets, relying on subcontractors, and opening more near-shore delivery centers."