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Moneylife » Companies & Sectors » Sector Trends » “Obama re-election not best news for IT outsourcing”

“Obama re-election not best news for IT outsourcing”

MDT/PTI | 07/11/2012 04:57 PM | 

Obama in this presidential elections campaign had criticised outsourcing of jobs to countries like India saying that US needs to create jobs locally


Bangalore: The re-election of US President Barack Obama is not the best news for IT outsourcing industry, reports PTI quoting Phaneesh Murthy, CEO of iGATE.


“Not the best news for India or the IT outsourcing industry. However, we need to understand how much of the election rhetoric continues into 2013 and that will determine the full implications to us,” Mr Murthy said.


“The concern over the deficit and jobs will continue (in the US) and in my mind, will force the sluggishness to remain in the economy,” he said.


Obama won a second term in office overcoming a stiff initial challenge from his Republican challenger Mitt Romney.


Obama in this presidential elections campaign had criticised outsourcing of jobs to countries like India saying that US needs to create jobs locally.


The US and Europe account for over 80% of revenues of the Indian IT industry.

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1 Comment
Shadi Katyal

Shadi Katyal 2 years ago

Why are we looking only for outsourcing and not moving from dot connecting to innovations.
Are the writer aware that Romany's financial company bought an outsourcing company in Europe for about $3 Billions
such negative articles donot help INDIA. His comments might sound negative but it was for election.

did tjhe writer read that it is these Indian companies who created 50,000 jobs in USA.
We must stoop our negative thinking about USA as she has her own problems too

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