India's outsourcing chiefs crossed their fingers that Barack Obama would take a less hawkish stance on the industry during his second term, as they cheered his re-election as a possible boost to the US economy. Obama sharpened his rhetoric against industries that move jobs out of America during his re-election campaign, and his administration has been criticised by outsourcing industry bodies in India for tightening visa rules.
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However, Nivsarkar believes for President Obama's second term to be successful, he will need to urgently focus on is growth and employment. "Growth in the US will only come if American companies start growing and these are helped by the Indian industry, not only in terms of bringing in efficiencies and innovations, but also in expanding to newer geographies," he said.
Below is an edited transcript of the interview on CNBC-TV18.
Q: Just lay out your concerns with regards to the re-election of President Obama. Do you think that the concerns are overdone?
A: They are. If you look at, it not much has changed from last week. The Democrats continue to control the senate with less than 60 seats, which is a critical mark. The Republicans control the House and we have the same President in the White House. It is business as usual for the industry. In fact, if you look at 2008 when the president got elected for the first time things were much worse. There was the entire banking system failure. There was concern around the entire world going into a great depression and unemployment levels in the US and across the world where significantly high. We are in a much better situation than what we were in 2008 right now.
Q: There are fears about President Obama's anti-outsourcing stance that may prove negative for many Indian IT companies. Last time it proved to be just rhetoric for the election purposes. Do you think it is going to be the same this time and we shouldn't worry too much post elections?
A: If you look at it -- what does this industry do right? It helps American companies become more competitive and for President Obama to be successful in this term, what he needs to urgently focus on is growth and employment. Growth in the US will only come if American companies start growing and these are helped by the Indian industry not only in terms of brining in efficiencies and innovations but also in expanding to newer geographies.
Today, most of the customers that our industry works with are seeing more than 50 percent of their revenues coming from outside the US and that is where our industry's reach actually helps companies grow.
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