Trade bodies hope for better times

Trade bodies are hoping for ‘better times’ with Barack Obama being re-elected as the President of the US for the second term.

Indian IT companies trade association, NASSCOM said that they would look forward to working on mutually beneficial policies to boost the economies of both countries.  Speaking at an event here, President of the association, Som Mittal hoped that Obama would look at measures to bring the economy back on track.

The Indian IT sector was forecasted to grow at 11-14% by NASSCOM. Indian IT majors recently announced sluggish results in Q2 of FY2012-13 and attributed the same to conditions in Europe and the US. On the same, Mittal said that the Indian IT sector is ‘very dependent’ on the health of the US economy.

Confederation of Indian Industries (CII) President and Godrej Group Chairman, Adi Godrej said, “This is a good development for India. Between two large economies there will be issues and concerns”. Naming one of the major concerns as ‘outsourcing’, he hoped that it would addressed soon.

Rajkumar Dhoot, President, ASSOCHAM hoped for revival of the US economy as the Indian economy was ‘deeply integrated’ with it as it was the largest economic partner of India.

FICCI President RV Kanoria said, “The strategic partnership has been nursed painstakingly by the Obama Administration and FICCI applauds the stellar vision of President Obama in strengthening ties on key issues.”