| How good is Obama for India? |
| Posted by Moderator, CyberMedia India Online Ltd on
11/6/2008 |
Reply |
| Barack Hussein Obama is the new President of the United States of America. Many companies feel, Obama's rise is detrimental to India's outsourcing industry since he has openly spoken about ending tax breaks for companies who outsource out of America. On a political note, many feel the Indo-US relations will grow stronger. Is Obama good for India and the Indian IT Sector? In case Obama exeutes his election promise, what specific steps should the Indian industry take to tackle the situation? |
| Re: How good is Obama for India? |
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Replied by vivek dharia, knp sec. pvt. ltd.
on 11/7/2008
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| USA at present going through financial crises due to Iraq war & bankcrupcy in BFSI sector plus Outsourcing business has also created unemployment & Obama promised voters that if they will elect him he will bring back IT/Outsourcing business & promised paksitan that he will solve the kasmir issue. But the plus point for India is He has won the election becasue of the Asian backing. |
| Re: How good is Obama for India? |
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Replied by Gopal Rangaraj, Reliance Life Sciences
on 11/7/2008
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| Indian Industry and India as country has historically done well with regards to its relations with US under Republicans - Barack Obama's election manifesto even if implemented would only incrementally add to the problems that Indian IT SErvice providing Cos. would encouter in the next fiscal year. We are witnessing the global slowdown largely led by 2 factors, shrinking demand and devaluation. There are multiple interconnected and complex set of reasons for both these occurances, but both these reasons are already impacting the topline and bottomline of companies in a big way all across the globe. Given this it can be expected that Governments will rush to protect and insulate their own boundries and protect their companies and jobs. This will include US also. The recent pumping in of USD 700B and some in form of direct equity into BFSI is a testimony of the same. Therefore Indian Cos. will have to make their offers after discounting for the tax implications to stay as perferred outsourcing partner for US Cos. |
