“Obama re-election not best news for IT outsourcing”
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.
More in Moneylife
Rot at the Top +11273 views
TODAY'S TOP STORIES
Can You depend on mainstream media to report economic scams?
- PM Modi's visit to the Land of the Rising Sun!
- Chettinad Cement shareholders refuse MAM Ramaswamy’s reappointment
- Is the restriction on free use of ATMs fair?
- Is Narendra Modi right in going back to Aadhaar?
- Did regulators, government fail to act against PACL in time?
- Nifty, Sensex headed lower – Monday closing report
- Used to getting away scot-free, bankers ‘upset’ about corruption charges
- 3 Simple Features that can create an impactful ‘Planning Commission’
- Rot at the Top
- Can You depend on mainstream media to report economic scams?
- SEBI asks Pancard Clubs to stop collecting money from investors
- Cheque bouncing: Supreme Court's verdict on jurisdiction
What's your say?
What you said
Thanks for casting your votes! View Previous Polls