Yesterday, US President Barack Obama, fighting hard to bring back historically high unemployment in a weak economy, said: "The American people deserve a tax code that helps small businesses spend less time filling out complicated forms, and more time expanding and hiring."

"A tax code that lowers incentives to move jobs overseas, and lowers tax rates for businesses and manufacturers that are creating jobs right here in the United States of America. That's what tax reform can deliver. That's what we can do together," he added.

America shares 59 per cent of the total outsourcing business in India and the largest chunk of the outsourcing business is in the IT sector.

Manufacturing industries constitute 9 per cent of the total revenues generated from the outsourcing boom, in India.

Addressing the Nasscom session, Sharma further said we must allow professionals to meaning fully engage with companies. Historically protectionism has always been counter-productive.

"Artificial barriers in today's time when the global economy is challenged, only delay the recovery process. To ensure there is economic activity, trade and movement of people it is sensible to step out and engage more to bring about change," the minister said.

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