Connect with Us
Moneylife - Facebook Moneylife - Twitter Moneylife - Linkedin Moneylife - Youtube Moneylife Rss feed
close

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.


Post Comment

More in Moneylife

Punjab National Bank, Raghuram Rajan, Arun Jaitley, Narendra Modi

Eight PSBs to remain headless till January? +2164 views

TODAY'S TOP STORIES

Post your Comment


Alert me when new comment is posted on this article
 Please read our Moderation Policy and Terms of Use before posting


VIDEOS

How Moneylife Foundation’s Free Credit Helpline is important to you

LATEST COMMENT

I find the information you provide on various metrics extremely useful. However, I strongly request you to modify.. Gururaj Rao

MORE

Softbank invests $627 million in Snapdeal and $210 million in Olacabs Moneylife Digital Team

Power crisis looms large with lowest coal stock in 25 years Moneylife Digital Team

Comment

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

Reply »Link » Report abuse
X
Daily Newsletter

1,00,000 Readers

Follow Moneylife
DNL facebook icon DNL linked in icon DNL twitter icon DNL youtube icon DNL rss icon
Moneylife Magazine

What's your say?

Will the cut in diesel price help cool off inflation & lower the govt's subsidy bill?
Yes
No
Can't Say
 
Enter Code : secure code
    change code
VOTE

What you said

Which party would get majority in Maharashtra Assembly Election?

Thanks for casting your votes! View Previous Polls

Join Over 100,000 Awesome Readers

  1. News that Mainstream media does not always cover
  2. Views that are bold and unbiased
  3. Reports that focus on your interests as consumer, investor & citizen