Economy

Obama re-election: India Inc voices cautious optimism

Our Bureau Gurgaon | Updated on November 07, 2012 Published on November 07, 2012

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.

Bajaj Auto Chairman Rahul Bajaj had a different take. “The Republican nominee, Mitt Romney, would have been better for India as they are a bit open. Obama is more protectionist and we hope that it will change,” he said.

Bharti Group Chairman Sunil Bharti Mittal said: “I think it will be good for India. There will be continuity.” On outsourcing, he said: “I have heard this in the previous election. We saw Bill Clinton go very heavy on outsourcing and we did not see anyone of this impacting our outsourcing business or relationships.”

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

Published on November 07, 2012
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