The re-election of US President Barack Obama is not the
best news for IT outsourcing industry, according to CEO of iGATE,
Phaneesh Murthy.
“Not the best news for the
IT outsourcing industry. However, we need to understand how much of the
election rhetoric continues into 2013 and that will determine the full
implications to us,” Murthy said.
“Concerns over
deficit and jobs will continue (in the US) and in my mind, will force
the sluggishness to remain in the economy,” he said.
Obama today won a second term in office overcoming a stiff initial challenge from his Republican challenger Mitt Romney.
Obama
in this presidential elections campaign had criticised outsourcing of
jobs to countries like India saying that US needs to create jobs
locally.
The US and Europe account for over 80 per cent of revenues of the Indian IT industry.
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