Friday, November 05, 2010

Indian businesses say they are making US jobs 

The world’s largest democracy i.e. India is said to be creating jobs in the U.S rather than taking them away. And all this is happening despite of the fears over the impact of outsourcing. This statement was given by a leading Indian business group. 

During his visit to India, US President Barack Obama focused on increasing US export opportunities and said that there was a need of creating much-needed jobs which could erase their 10-percent unemployment rate back at home.

The secretary-general of the Federation of Indian Chambers of Commerce and Industry, Amit Mitra stated in clear terms that it was wrong to think that jobs in U.S were being robbed by India due to outsourcing.

Mitra said, "We are creating jobs in the country (US) in the thousands”. He was of the opinion that investments coming from India have the potential to generate more and more employment in U.S.

 India's investments in the U.S between 2004 and 2009 were around $5.5 billion. It was done in new offices, plants and equipment. Acquisitions amounted to $20 billion. 

U.S is a favoured destination for Indian foreign direct investment. It was done in information technology, media and entertainment sectors. 

According to the U.S government figures, Indian companies stood at the second place as the fastest-growing investors in the United States. The United Arab Emirates, being the first one, supported 57,000 jobs. 

Mitra said that fears of U.S about IT professionals losing their jobs would not go away so easily in the wake of outsourcing when the American workers were without employment. 

But there can be no denying in the fact that India also represented a vast potential export market which was capable of creating jobs in U.S. 

Source: Economic Times

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