iGATE’s CEO, Phaneesh Murthy said that, though Obama’s victory could have brought smiles on most of the Americans faces, but the news may not be the good one for India or for the Indian IT outsourcing industry, reports the “CIOL” website. But still most of the IT Titans and other trade groups in India have warmly welcomed Obama’s victory, as they are being optimistic in thinking that he can strengthen the bilateral ties and improve the economy of the United States in his second term, that can favor the business of these Indian IT titans and trade groups, reports Sruthi Gottipati on the “The New York Times” [International Herald Tribune].

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Obama, who has got re-elected now, was always telling he would be giving tax breaks for the companies who are ready to invest only in the United States, adding, as the country cannot retreat from globalization, it should take proper steps that can ensure that the jobs from the country are not shipped to other nations. He had also accused his opponent Mitt Romney, who was the Ex-Governor of Massachusetts, telling he had outsourced American jobs to Asian nations such as China and India. Apart from that, before becoming the President, he had warned about stopping tax breaks for the American firms who ship their jobs overseas and lend those tax breaks on those firms who create the jobs only in the United States.

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