Indian outsourcing giants may benefit from slowdown
By siliconindia   |   Tuesday, 23 June 2009, 00:10 IST   |    2 Comments
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Indian outsourcing giants may benefit from slowdown
Bangalore: "Indian outsourcing companies may benefit from the financial turmoil as multinational companies will be compelled to seek further economic stimulus for sustenance in these tough times," said Azim Premji, Founder, Wipro Technologies in an interview to the Sunday Times. This statement has more value as it has come at time when Indian outsourcing companies are feeling the heat after U.S. President Barack Obama has proposed changes in tax laws to curb outsourcing. Obama proposing change in tax laws of that country had reportedly said, "It's a tax code that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York." Premji also raised its concern about the "creeping tide of protectionism" in the West and said,"If we get into protectionism, then the West is going to get a wave of protectionism in response, and that is going to turn back the clock 20 years". Premji further warned that America and Europe will be badly affected as they may be excluded from the only growth markets left in Asia and Africa.

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