New Delhi: Indian industry, particularly those working closely with US firms, hailed Barack Obama’s victory as the next American President, playing down the fears of an adverse impact on flourishing outsourcing business.

“Relations between the two countries will grow further. Bilateral trade is expected to reach $60 billion this year,” President of the Indo-American Chamber of Commerce S K Jain said. India-US trade stood at $45 billion in 2007-08.

Jain said that Obama has been supporting Indo-US relations, including the nuclear deal. The IACC chief said he has no fears about India losing on the business process outsourcing (BPOs).

The American Chamber of Commerce in India, popularly known as AMCHAM, also down played election statements of the Democratic leader.

“We are convinced that any statement, which may been made, will not have any adverse impact on outsourcing to India,” AMCHAM Executive Director Ajay Singha said.

Singha, who is hosting a delegation here from the US next week, said that the American business is in the hands of the private sector without much government control.

India’s software services exports (including IT and BPOs) grossed in revenues of over $40 billion in 2007-08 with over 60% of the business coming from the US.

Exporters, however, remained apprehensive on Obama’s election stand of fiscal disincentives to the US firms outsourcing jobs.

“The anti-outsourcing stance of Obama as well as H1B visa (restrictions) may affect Indian IT and BPO sector,” Executive Director of the Federation of Indian Export Organisations (FIEO) Ajay Sahai said.