Healthcare By Aryaman Tandon, Managing Partner, Healthcare & Lifescineces at Praxis Global Alliance 

Since taking office in January 2025, President Donald Trump’s administration has reshaped the U.S. healthcare landscape with aggressive tariff proposals, domestic healthcare reforms, and shifts in global health engagement. These policies have significant implications for pharmaceutical companies, medical device manufacturers, and healthcare providers.

Tariff Pressures on Pharmaceuticals
The administration plans to impose tariffs of 25% or more on pharmaceutical imports from key trade partners, including China, Mexico, and Canada. Indian pharmaceutical exports to the U.S. accounted for ~US$ 8.7 billion in FY24, representing 31% of India’s total pharma exports. Indian drugmakers now face the challenge of either absorbing higher costs or raising prices, which could weaken their competitive edge. However, firms with strong cost controls and efficiency-driven operations may continue to thrive despite moderate price hikes.

Impact on Medical Devices
Trump’s tariff agenda also targets medical devices and their components, prompting U.S. MedTech firms to reconfigure their manufacturing footprints. This creates an opportunity for Indian MedTech manufacturers to expand into the U.S. market, leveraging competitive pricing and high-quality standards. However, rising raw material costs could erode these advantages due to the interconnected nature of global supply chains.

Global Health Policy and Domestic Reforms
The administration has reduced U.S. engagement in multilateral health organizations, withdrawing from the WHO and scaling back foreign aid for global health initiatives. Meanwhile, domestic policies enforcing price transparency and spending cuts aim to reduce healthcare costs but create uncertainty around Medicare and Medicaid. Executive orders requiring greater disclosure from providers and insurers may increase market volatility.

Conclusion
Trump’s policies present a mixed outlook for India’s healthcare sector. While tariff pressures and reduced global engagement pose risks, they also create opportunities for Indian firms to strengthen their U.S. foothold—provided they adapt supply chains, maintain quality, and enhance cost efficiencies.

Education and Employability by Mit Desai, Practice Member, Education & Employability at Praxis Global Alliance 

The new administration’s return has reignited anxieties about immigration policies. In 2024, Indian student enrolments in the U.S. surged past China, with over 330,000 students—a 23% jump. However, historical trends indicate a risk of decline if more restrictions take shape, similar to 2018-21.

Uncertainty Around OPT and Employment Restrictions
The Optional Practical Training (OPT) program, a key bridge to employment for Indian students, faces an uncertain future. While STEM graduates benefit from a 36-month OPT extension, stricter policies could limit or revoke this period, significantly impacting students who rely on it for H-1B sponsorships. Additionally, restrictions on part-time employment for F-1 visa holders increase financial strain, pushing students toward unauthorized jobs, which now carry higher deportation risks.

U.S. vs. Alternative Destinations
Despite these barriers, Indian students remain vital to the U.S. economy, particularly in STEM fields. International students comprise only 5% of U.S. higher education enrollments—far lower than Canada or the UK. Given the administration’s primary focus on illegal immigration, drastic changes to legal work programs like OPT are unlikely. However, uncertainty alone could drive Indian students toward alternative study destinations offering predictable post-study work opportunities.

Travel & Tourism By Mit Desai, Practice Member, Travel & Tourism  at Praxis Global Alliance 

Indian travel to the U.S. reached record highs in 2024, with over 2 million visitors—a 26% increase from 2023. However, policy shifts in early 2025 are raising concerns about access restrictions.

Visa Policy Changes
The rollback of Covid-era relaxations has reduced visa renewal interview waivers from 48 months to 12 months, exacerbating wait times that already exceed 400 days in major Indian cities. Increased visa scrutiny could further delay business travel, prompting companies to relocate events to destinations with smoother entry processes, such as the UAE.

Economic Impact of Indian Travelers
In 2023, Indian visitors contributed $20 billion to the U.S. economy, making India the fourth-largest contributor after Canada, Mexico, and China. Business travel accounts for 20% of this total, highlighting its significance. Meanwhile, investment-based pathways, such as the proposed "gold card" visa, aim to attract high-net-worth individuals, though concerns persist over prioritizing wealth over job creation.

Despite these challenges, the U.S. remains a top destination for Indian travellers, contingent on streamlined visa processes and predictable policies.

Technology By Kshiteej Mishra, Practice Member, Technology at Praxis Global Alliance 

The Trump administration’s immigration policies have historically impacted Indian tech talent. During his previous term, H-1B visa denial rates increased from 6% in FY 2015 to 24% in FY 2018. If restrictions persist, the flow of Indian tech professionals to the U.S. could decline. However, legal immigration may become more structured and streamlined.

US-India Tech Collaboration
The U.S.-India Initiative on Critical and Emerging Technologies (ICET) continues to foster collaboration in AI, quantum computing, and semiconductors. India’s IT spending is projected to grow by 10.7%, reaching $124.6 billion in 2024. However, U.S. export restrictions on AI tools and high-performance computing chips may disrupt India’s AI development, prompting Indian firms to focus on domestic infrastructure and diversify technology partnerships.

Despite potential hurdles, India’s IT sector remains resilient, driven by domestic growth and global expansion.

Mobility, Energy, and Transportation By Kshiteej Mishra, Practice Member, Mobility, Energy and Transportation at Praxis Global Alliance 

Trump’s policies have opened new avenues for India’s mobility and energy sectors. The expansion of U.S. oil and gas exports to India has enhanced energy security, with India’s oil suppliers increasing from 27 to 39.

Infrastructure and Trade Corridors
The India-Middle East-Europe Economic Corridor (IMEEC) aims to enhance strategic supply chains and global trade connectivity. Similarly, U.S.-India collaborations in electric vehicles (EVs) and smart mobility solutions are accelerating India’s transition toward sustainable transportation. With India targeting 30% EV penetration by 2030, partnerships with U.S. automakers and tech firms like General Motors and Tesla are crucial.

Clean Energy Opportunities
The Trump administration’s rollback of certain U.S. clean energy initiatives has opened up $80 billion in supply chain markets, positioning India as a global hub for solar, wind, and battery technologies. Investments in domestic manufacturing could attract capital, generate employment, and drive innovation in renewables.

In summary, shifting U.S. policies are catalysing transformation in India’s mobility, energy, and transportation sectors, reinforcing India's role in global supply chains.