India Inc. hails Obama's victory; hopes for re-thinking on outsourcing policy

07 November, 2012

India Inc., while welcoming the re-election of Barack Obama said that it will strengthen the Indo-American ties. Apex Industry body FICCI said that the new Obama administration will look at its outsourcing policy while keeping in mind the long term gains.

THE INDUSTRY lobby group Assocham expressed hopes that under the governance of Obama the US economy will recover fast as the Indian economy is deeply integrated with it. FICCI, another industry group, in a statement said that during his second term in White House President Obama will re-think over his policy regarding outsourcing.

"We hope that the new Obama administration will take a long-term and practical view on issues such as outsourcing which ultimately are in the US national interest because they help the US companies drive down costs paving the way for expansion," said R.V. Kanoria, President, FICCI.

FICCI, while pointing towards the fact that Indian Americans have voted for President Obama in all the swing states and even many of those who had shown an inclination for the Republican candidate eventually voted Democrat, said that such support shown from Indians will help foster greater organic linkages between the world's two greatest democracies.

The industry body Assocham said that Barack Obama will lead the country towards a faster recovery of the economy. “US is the largest economic partner of India and 60% of our software exports are directed towards US. With his re-election, the untapped trade opportunities between the two countries will be tapped and US companies will hugely invest in the infrastructure development opportunities that India provides,” said Rajkumar N. Dhoot, Assocham's president.

Assocham chief added that Indian government's commitment towards continuing with the reform process will provide opportunities for countries like the US to invest.

According to FICCI, Indian companies continue to create jobs in America and just in the last two years have created around 20,000 jobs in United States. In terms of high -tech transfers - it is expected that the second Obama administration will carry forward the momentum that had been setting in towards the last days of the first Obama administration.