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Indian IT safe from Obama

May 6, 2009

IT body sees no impact of Obama's tax measures
The Indian IT industry body, National Association of Software and Services Companies (Nasscom), has said that the US President Barack Obama's proposal to raise taxes on profits earned overseas by US companies would not have much impact on the Indian outsourcing industry. On the contrary, it feels that this will only hurt US firms as it may actually end up reducing their competitiveness vis-a-vis their European and Japanese counterparts. But the US network equipment firm Cisco Systems, which employs around 5,000 people in India, remains undeterred of Obama's warnings. It has said it would continue investing in India and China even during the downturn. India's second largest IT company Infosys too has indicated that it does not believe that tax measures like these will affect IT outsourcing done by US corporations in any way.

Bernanke turns upbeat on the US
A sanguine US Federal Reserve chairman Ben Bernanke has said that consumer sentiment, the housing market and spending have begun to show signs of life, and that the US economy is stabilising and will begin to rebound later this year. However, he expects that the economy will continue to shed jobs and credit too will remain tight for some time. Business and household spending is expected to be slow to bounce back.

All in all, Bernanke expects economic activity to bottom out, then to turn up later this year as the economic contraction moderates considerably in the near term with businesses looking to replace their liquidated inventories. However, given how central bankers in the US and other western countries have misinterpreted the crisis and have been deceptive about the reality, we would advise you to take Bernanke's words with a pinch of salt.

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