As per the old tradition the $800-bn global technology services sourcing business has found new destinations, India being the largest.  Technology services companies here employ over 2 million people and do a whole spectrum of retail to research tasks, overwhelmingly for the US companies.

Hit by slowing demand for their services, Indian outsourcing firms could also face new challenges dictated by policy directives from US President Barack Obama. The industry, however remains optimistic that it will find new opportunities as its business model is too compelling to be impacted by political moves.

“President Barack Obama’s first job is to get the economy back on track and the country can’t make choices to increase costs. American companies have to be competitive and India can help in reducing costs and time to market as well as providing better access to emerging markets,” Nasscom president Som Mittal said.

In his inaugural address, Mr Obama was unsparing in condemning the failed ideology of uncontrolled markets. He said the current economic crisis showed how “without a watchful eye, the market can spin out of control”. So will there be controls on offshoring, that has in less than a decade or so helped save over $100 billion for global businesses? Full News

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