Bikky Khosla | 09 Nov, 2010
During his visit to the country, US President Barack Obama gave a clear indication that he was willing to further business relations between the two countries â good news for Indian Inc. after his outsourcing rhetoric back home. While his party's mid-term poll rout may have something to do with this, nevertheless, his appeal seems positive for the Indian industry to take the lead and enhance business relations with the US.
President Obama's speeches during his maiden visit to India gave enough indication that he was looking at a two-way relationship. His announcement of deals worth $15 billion that would support some 54,000 American jobs and his promise to remove restrictions on sensitive high-tech exports, a major irritant, will see strengthening of bilateral ties between the two countries. The fact that Obama at the US-India Business Council and Entrepreneurship Summit said 'India has emerged', speaks volumes of what the US thinks of India in terms of a strategic partner.
Even before President Obama set foot in India, a report quoting the secretary general of the Federation of Indian Chambers of Commerce and Industry (FICCI) said that Indians were not taking away jobs in the US, instead they have created and saved 65,000 jobs in the recent years through increased investments, with 536 outbound acquisitions globally in 2009-10, of which 105 were in the US. India is the second-fastest growing investor in the US, after the United Arab Emirates â all the more reason why the US will be looking at India as a strategic partner.
The best development I would say from President Obama's visit to India would be the clear indication that the US may not go for tougher measures against outsourcing. The Indian IT industry probably can breathe easy now. And why not... Obama who turned soft on the outsourcing issue during his visit has sealed 20 deals for US companies worth $10 billion.
