India with a large domestic economy will be less affected by changes in growth and monetary policy in the new setup under the Donald Trump administration, S&P Global Ratings said on Wednesday.In a report on effect of Mr Trump’s victory in the US presidential elections on Asia-Pacific economies, S&P said many key US policies under the new administration remain undefined, leading to unusual uncertainty around the baseline outlook.

“The effect of changes in the US growth and monetary policy on Asia’s trade and general financial market confidence, whether positive or negative, will be greater on smaller and more open economies of the region,” S&P Global Ratings Asia-Pacific chief economist Paul Gruenwald said.S&P said it will have to wait until Mr Trump’s economic team is in place and its policy intentions become clearer before firming up its view on the effect and the associated risks on the Asia-Pacific.On the upside, S&P said Mr Trump has argued for Keynesian-style infrastructure spending increases and tax cuts, which could boost US growth and demand for Asia’s exports, at least in the short run.