India Inc, by and large, feels that the re-election of Barack Obama as US President will be good for both the countries, but has some apprehensions on the issue of outsourcing.
“This is a good development for India. Between two large economies, there will be issues and concerns. Outsourcing is also a concern and I hope it will be addressed soon,” Godrej Group Chairman Adi Godrej told reporters on the sidelines of the World Economic Forum on India here.
Biocon Chairperson Kiran Mazumdar Shaw hopes that the “outsourcing rhetoric will die (down)”, and Obama’s re-election will be good for the Indian pharmaceutical sector. “It will be positive for affordable healthcare in generic drugs (segment). In the US, over 75 per cent medicines are generic. So, the Indian pharmaceutical sector is going to gain in the US,” she said.
Chamber views
Industry chamber FICCI feels Obama’s re-election sets the stage for deepening Indo-US strategic ties. “A historic second term for US President Barack Obama augurs well for the now-established Indo-US strategic and economic partnership,” said FICCI President R.V Kanoria, said.
Assocham President Rajkumar Dhoot said 60 per cent of India’s software exports were to the US. With Obama’s re-election, untapped trade opportunities between the two countries will be tapped, he added.
Shishir.Sinha@thehindu.co.in