In his acceptance speech, after his nomination as the Democratic candidate for the US presidential post, Barack Obama said that he, unlike the Republican candidate John McCain, “will stop giving tax breaks to corporations that ship our jobs overseas, and I will start giving them to companies that create good jobs right here in America.”
If Obama takes this step in the event he becomes US president, it would adversely impact the massive flow of work that currently comes to Indian IT and business process out-sourcing firms. Though Indian IT companies have been trying to geographically diversify their revenue source, almost 60% of it still comes from the US.
But sources from Indian technology companies pointed out that if Obama were to do any such thing, it would only hurt America. Nasscom president Som Mittal said the US realised long ago that outsourcing had boosted its economy.