Phaneesh Murthy, who heads the Information Technology (IT) firm iGATE on Wednesday said the re-election of President Barack Obama is not the best news for the Indian IT industry. Mr Murthy's statement came minutes after television networks in the U.S. projected that President Barack Obama had won re-election for a second term in the White House.
Mr Murthy, who has earlier served as a director of Infosys, India's second biggest IT services exporter, said, "Congratulations to the President for pulling off a hard fought victory. Not the best news for India or the IT outsourcing industry”. Mr Murthy is based in the U.S.
He said in his statement, "However, we need to understand how much of the election rhetoric continues into 2013 and that will determine the full implications to us. The concern over the deficit and jobs will continue and in my mind, will force the sluggishness to remain in the economy."
President Obama had adopted a tough line against outsourcing of jobs in the run-up to these elections, and had often said that he wanted to give tax breaks to companies that are investing in the United States. In his attacks on his opponent Mitt Romney, former Massachusetts governor, he accused him of outsourcing American jobs to countries like India and China. (Also read: What India Inc. says on Obama's re-election)
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Mr Murthy, who has earlier served as a director of Infosys, India's second biggest IT services exporter, said, "Congratulations to the President for pulling off a hard fought victory. Not the best news for India or the IT outsourcing industry”. Mr Murthy is based in the U.S.
He said in his statement, "However, we need to understand how much of the election rhetoric continues into 2013 and that will determine the full implications to us. The concern over the deficit and jobs will continue and in my mind, will force the sluggishness to remain in the economy."
President Obama had adopted a tough line against outsourcing of jobs in the run-up to these elections, and had often said that he wanted to give tax breaks to companies that are investing in the United States. In his attacks on his opponent Mitt Romney, former Massachusetts governor, he accused him of outsourcing American jobs to countries like India and China. (Also read: What India Inc. says on Obama's re-election)
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