Taking a tough stand against outsourcing, the presumptive Democratic nominee Senator Barack Obama said that the choice is between giving tax breaks to companies that ship jobs overseas or give benefit to those corporations that keep jobs domestically. Outsourcing watchers certainly won’t be amused with this development.
According to a PTI report Barack Obama said, “We can keep giving tax breaks to companies that ship jobs overseas, or we can give tax benefits to companies that invest right here in New Hampshire,” Senator Obama said at a joint appearance with Senator Hillary Clinton in Unity, New Hampshire.
“We can have a tax code that rewards wealth and hands out billions of dollars more to big corporations and multimillionaires. Or we can provide a $1,000 tax cut to 95% of families in America, start rewarding work and not just wealth, and eliminate income taxes for seniors making $50,000 a year or less,” Obama said, adding that’s an agenda for change that we can believe in. That’s the choice that we can make in this election.
“We can allow millions of Americans to work full-time but still not make enough to support their families, or we can raise the minimum wage, index it to inflation, and ensure that hard work pays off in America,” the Illinois Senator said.“I don’t care black, white, Hispanic, Asian, Native American, young, old, rich, poor. It doesn’t matter. There’s this sense of what this country is fundamentally about, a fundamental goodness, and that if we tap into that, I am absolutely convinced that we can lift this country up to new and greater heights.
The Indian IT and BPO trade body NASSCOM seems to be in a state of worry after the US presidential candidate, Barack Obama’s flared-up stand against jobs being “Bangalored”. NASSCOM has been reportedly holding meetings with the aides of both Democratic (Obama) and Republican (John McCain) parties.
If NASSCOM vice president of global trade development, Ameet Nivsarkar is to be believed, the discussions are on the right track and the cloud hovering over outsourcing business in India is soon likely to clear off. Unsure about the Democratic Party’s candidature earlier, the body had even held talks with the aides of Hillary Clinton in the past one-and-a-half years.
Apart from the aides of political parties, NASSCOM is in constant talks with other industry constituencies like different industry bodies and public relations concerns to send across the correct message and image of the outsourcing business to India.
On the flip side, NASSCOM has also thrown a light on its gradual process of shifting over-dependence on US to other markets like Japan, France, Germany and Scandinavian countries. Major IT companies in India have already covered a considerable business in European markets which is very essential to cope up with the recent US recession.The over-dependence on US wouldn’t stay for long if the share gets scattered across different markets.At present, the market-share of business originating out of US stands high and tall at 61% which is very likely to come down drastically if Obama fulfills his promise of stopping jobs from being “Bangalored”.