Congratulating newly elected US president Barack Obama for his historic win, Union Finance Minister P Chidambaram on Wednesday said that Indian IT industry need not to worry over Democrat Barack Obama’s victory since he had opposed the outsourcing process of US companies and advocated to scrap tax break facility from them during his 21-month long election campaign.
Welcoming the win of Barack Obama, the first Afro-American president for his massive margin victory, Chidambaram said, “I am very confident India-US relations will only grow stronger and stronger… A comment here or a comment there on outsourcing should not bother us.”
He was responding personally to the questions about the fate of Indian IT industry that is very much dependent upon outsourcing and industry earns a thick portion of revenue from outsourcing. US is the biggest source of Indian outsourcing business.
Specifying this statement, he further said that US is the world’s largest economy and India is the largest free market democracy for working together. “So once Obama is in office, he will realise that it is an interconnected world and countries have to work together,” said FM.
Commenting on Obama's election as President, Chidambaram said that it was a transformational change for US and a tribute to the US democracy that a young, forward-looking ...Black had been elected.
Barak Obama, who campaigned the most expensive and longest US presidential election, had said many times in his speech that US needed to stop giving tax breaks to companies that ship jobs away while it should motivate those by increasing incentives that invest in the country. He won the 44th presidential election today and would take oath on January 20, 2009.
|
|
Read More: Chidambaram
Comments:
