5 November 2008
Obama the jet flighter
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Mr Obama was elected the first African American President of the United States today in a historic victory over Republican Senator John McCain. Ironically, after Obama's victory, experts estimate there will be no negative impact on outsourcing IT IN India. In fact, they are optimistic and see no immigration and stern steps against outsourcing industery.
Finance Minister P Chidambaram, welcomed obama as new supremo of United states . He said Obama's comments on outsourcing would not affect Indo-US economic relations. "I am convinced that the United States that India will strengthen in the future, a comment about subcontracting, etc. should not disturb us. Once it is in power, he will realize that in this interconnected world, countries have to work together and the United States is the largest economy and India is the largest free-market democracy have to work together and I think we'll win by the new administration. "
"I can not speak for the government but I can speak as a person and as a person, I think this election is a transformational change in the United States. A lot of ghosts in the United States have been exorcised by this election. It is a tribute to the United States as a young democracy, future-oriented change agent, a black American was elected. "
Ganesh Natrajan, Chairman, Nasscom, said Obama would do nothing that would jeopardize the success of these companies and come in the way current subcontracting. He saw no major or drastic cuts in IT budgets.
TV Mohandas Pai, Director and Head of Administration, Infosys, said: "It could mean a little more restrictions on visas - they already have comparable salaries and could be strengthened. It may mean less flexibility but overall it will be marginal. "
Girish Paranjpe, president of Wipro, said there should be no worries as the U.S. government is business-friendly, and that job creation in May in the United States does not minimize the jobs outsourced.
Venugopal Dhoot, CMD, Videocon, said Obama victory will be good for the Indian IT sector.
Phaneesh Murthy, CEO of iGate, said he sees no concern of the President aside at least for now.
However, in an outright contrary to industry experts views, market analyst Dipan Mehta continues to fear a decline in the IT sector. Senator Barack Obama was specifically against outsourcing during the election campaign.
Dipan Mehta, Member BSE and NSE said: "This is a sector that is facing the most challenges at the moment." He advised investors to be slightly underweight in this segment and buy the stock only when they are very attractive.
Impact on space and IT exports:
Speaking on Barack Obama victory, Ganesh Natrajan said he does not expect the victory of Obama to affect the constituency of ongoing work in space and saw no major or drastic cuts in IT budgets. He believes that the IT sector is very integral to the competitiveness of the county.
Natarajan is positive that nothing negative would happen to the industry of subcontractors. He said he sees 20% export growth for FY09.
Natarajan also said that we should not worry about immigration and strengthening the fight against outsourcing legislation. Rupee is expected to stabilize in the 42-45 per dollar range, said Natarajan. "The America of a new charter for the course of history itself, which will provide opportunities for all of us in India."
"There are many challenges before Obama regarding the revival of economic decline in the United States."
Natrajan believes that the IT and business services sectors in India are an integral part of the value chain of most American and European customers and considers it highly unlikely that any fee or any other measure Ban will be taken.
Girish Paranjpe, president of Wipro, said that the victory Obama May be a blessing in disguise for the Indian IT industry. He said that fears of protectionism strikes subcontracting May be exaggerated.
"From Barack Obama on his policy on globalization said quite categorically that he believes that globalization is irreversible and it is pointless to go back and this is the best thing to embrace the future. He was very open to about the opening of the visa regime and improve the way the bilateral trade happens. He was in favor of multilateral trade instead of a country to a trade. So, given all these things, I think that there is more anxiety than reality behind some feelings. "
Paranjpe sees the reduction of capital expenditure and consumer spending and said it would take a couple of shifts on his return. It considers the pain in coming quarters, which will be distributed worldwide. He feels budgets will be under pressure over the next six months and that, given the situation over the negotiations from customers is expected.
"I think people are reading too much into the elections. As long as we have a healthy and a pro-government, I do not think we should worry too much."
Commenting on the same Venugoal Dhoot said Videocon the promotion of industries in the United States will continue. He believes Obama would be useful for Indian companies in the United States in particular, the stabilization. "This is a very good time for India."
Phaneesh Murthy, CEO of iGate, said he sees no concern of the U.S. president aside at least for now. "President Obama talk has changed over the last two-three months, as he stopped to talk about any subcontracting and began to speak much more to try to create these types of U.S. jobs that do can not be outsourced. "
Murthy believes North America will continue to be the most important position in the market, even for the Indian IT industry growth in 2009. "About 65% of Indian industry comes from North America. It is the market that responds more quickly to pressure and innovative solutions, and the market rewards people for taking risks. It is paying. "
Impact on employment in India:
Dhoot said the Democrat victory would not reduce the use of Indians as the U.S. requires Indian brains. He hoped that Obama control of the recession using methods described in the election campaign.
Paranjpe said there should be no worries as the U.S. government is pro-business and job creation in May in the United States does not minimize the jobs outsourced.
Natrajan believes that Barack Obama has a great chance to make a difference and that difference is positive. He said that President-elect would focus on creating jobs in America that does not necessarily mean reduction outsource jobs.
by erectusplus at 16:00:00 |
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