Joe Biden has taken over the Oval Office as the 46th President of the United States of America. The transition so far was smooth after the unfortunate attack on the Capitol.

Share Market Live

NSE

Not just the United States, but the entire world has set eyes on how the new owner of White House will rein-in the economy when the global economy is in shambles and a healthcare crisis is getting worse.

Nonetheless, analysts believe the 'Biden agenda' will accelerate the growth, increase the interest rates, and send the stock market surging.

And the newly-elected President has set to work, signing almost 17 executive orders on the first day of his presidency. Here's a break down of how Biden's presidency will impact different sectors.

Sectors likely to benefit under Biden

IT Sector: The current immigration system imposes a 7 percent per country quota on the allotment of legal residency. Biden has already proposed to eliminate per-country cap on employment-based green cards. This move is expected to benefit IT professionals in India who go to the US on H-1B work visa.

Renewable Energy and electric vehicles: Biden's decision of being a part of the Paris climate accord could benefit India with respect to alternative fuels. This will help the auto industry as the companies are weaning away from fossil fuels and moving towards natural gas and electric vehicles.

Retail Sector: As Biden's takes the reins of the world's largest economy, big-box retailers and large e-commerce players stand to gain. Biden's proposed $1.9 trillion coronavirus relief package might encourage weary consumers to splurge. And while lower-income households would use the relief checks to pay bills, higher-income Americans may foray into the big-ticked consumer items. Products categories like home goods, electronics, auto parts, and food may witness a spike in demand.

Pharma Sector: Biden administration is keen on making healthcare affordable with generic drugs. This is optimistic for Indian pharma companies given their global leadership in generic medicines.

Biden's win has had a positive impact on US markets, S&P 500 has gained as much 13 percent since the election results — highest gain for any President from election to the inauguration. Wall Street rally has extended itself to Asian and European markets already, and while the degree of recovery is not carved in stone yet, everyone is looking forward to it.

(Edited by : Abhishek Jha)