Obama's outsourcing worry important for India: FICCI

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SME Times News Bureau | 08 Nov, 2012
As US President Barack Obama clinched a second term in office, industry group FICCI Wednesday said Indo-US business and economic ties will find continuity following his re-election but the "single most important point" for India Inc. is Obama's concern on outsourcing.

"I think the India-US strategic relationship and business and economic ties will definitely find continuity here in his re-election," Federation of Indian Chambers of Commerce and Industry (FICCI) president R.V. Kanoria said here.

In his presidential poll campaign, Obama had criticised outsourcing of jobs to countries like India, saying that the US needs to create jobs locally.

"The only area of concern is with regard to his stand on outsourcing. I firmly believe that this is a misplaced fear that outsourcing to India will result in a job loss in the US. There are enough studies to proof that it is quite otherwise," Kanoria said.

Obama defeated his Republican challenger Mitt Romney in a hard-fought election Tuesday.

"On every other aspects that the US wants to invest in India, in terms of the US wanting to develop a strategic relationship with India, in terms of US supporting India in international bodies and in regional initiatives to build a more peaceful region around India and its neighbours, the US has a very, very positive view," Kanoria said.

He added that Obama's view on outsourcing was the single most important point as far as the Indian industry was concerned.