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Nov 05, 2008: The Indian outsourcing industry has nothing to fear from Barack Obama's presidency, says NASSCOM.
Obama last night made history by winning the US election to become the first black US president, thrashing Republican John McCain in the polls after a two-year election campaign.But he now faces huge challenges in dealing with the current financial crisis, the worsening US economy and the mess he inherits from Bush in Iraq.
The election result will clearly have an impact on Indian industry in almost all sectors. The stock of Indian majors Tata Consultancy Services (TCS), Infosys and HCL has fallen, owing to fears that Obama will try to put a stop to US companies outsourcing to India.
Back in September, Obama expessed concerns that US jobs were being "Bangalored". At present, the US is extremely important to the Indian outsourcing industry, accounting for 61 per cent of the whole.
But the Indian IT and BPO trade body NASSCOM says that there is no need for concern.
NASSCOM has been reportedly holding meetings with aides from both the Democratic and Republican parties. NASSCOM vice president for global trade development Ameet Nivsarkar said that the discussions are on the right track, and the cloud hovering over the outsourcing business in India is soon likely to clear.
Nivsarkar asked people not to take too much notice of of Obama's and McCain's speeches, as these are just made for the purposes of publicity.
NASSCOM congratulated Senator Obama on his victory. It said it looked forward to the opportunity of working with him and his administration on mutually beneficial policies that will boost the economies in both nations and enhance bilateral national security matters between India and the US.
A NASSCOM statement says, "With the global economy stressed, it is more important than ever that India and the US find ways to partner together to spur innovation, foster economic growth, develop an educated and skilled workforce and create jobs for the modern global marketplace".
In any case, IT companies in India are gradually gaining acceptance in non-US markets, with 30 per cent of business now comng from European countries.This could prove vital if Obama were indeed to take measures to cut outsourcing to India.
Source: http://www.sourcingmag.com/news/
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