India reply strongly to Obama's 'No Bangalore' policy

Bangalore: India's Commerce and Industry Minister Anand Sharma has expressed his aversions on U.S. President Barack Obama's protectionist policies by saying that outsourcing has created more jobs for U.S. He warned that protectionist measures by the U.S. or other developed countries can only be counter-productive against the backdrop of the global financial crisis

Sharma became the first Minister after the Lok Sabha elections to directly address the Obama administration on the issue. He said, "Outsourcing has generated more employment in America itself. Indian FDI in America is more than America's FDI in India. Indian investments are more. Globally if you look at the acquisitions and mergers in the last one decade, it is India which takes the lead. If we have taken 24,000-30,000 H1B visas, then we have also created huge employment."

Sharma spoke in Washington on occasion of 34th anniversary of the U.S.-India Business Council where he met Secretary of State Hillary Clinton, Commerce Secretary Gary Locke and U.S. Trade Representatives Ron Kirk, besides key Congressional leaders. Back in India, many business leaders like Azim Premji have also come out strongly opposing trade protectionism in the U.S. and in other countries.