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Nov 07, 2012 at 07:32pm IST

Obama re-election won't hit IT outsourcing industry, says Sibal

New Delhi: Prime Minister Manmohan Singh on Wednesday congratulated Barack Obama for getting elected for the second term as the President of the US. The Indian government is now looking forward to a deeper engagement with America under Obama's leadership. The re-election of Obama, however, is not considered as the best news for IT outsourcing industry. Obama in his 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. Telecom Minister Kapil Sibal, however, said that India will not be affected by Obama's re-election.

Generating confidence among the IT companies in India, he said, "India has a strong presence in the IT sector and in an ever changing and evolving world, Indian industry, especially IT sector will continue to contribute".

Finance Minister P Chidambaram also expressed the hope that economic ties with the United States would strengthen with the re-election of Obama as the US President. Chidambaram said, "We hope that Indo-US relations get stronger especially in the economy."

Meanwhile, NASSCOM president Som Mittal said, "Congress will play a very important part in immigration reforms, which is very important for us. We helped US economy to be competitive. We helped US companies to be competative. The next four years will be good for our economy."