Indian outsourcing giants to benefit from downturn: Premji

Downturn will compel multinationals to seek further economies for sustenance in the tough times

 

The turmoil in the financial market is likely to spell good news for the Indian outsourcing companies, as the downturn will compel multinationals to seek further economies for sustenance in these tough times, Wipro Technologies founder Azim Premji has said. In an interview, Premji insisted that "the Indian outsourcing giants will benefit from this downturn, as all multinationals seek further economies".

 

Premji's statement comes at a time when the United States President Barack Obama has proposed changes in tax laws to curb outsourcing. Obama proposing change in tax laws of that country had reportedly said, it's a tax code that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York. Premji also voiced its concern about the "creeping tide of protectionism" in the West and said that "If we get into protectionism, then the West is going to get a wave of protectionism in response, and that is going to turn back the clock 20 years".

 

Source: The Economic Times