Bangalore: India’s software industry is hoping US President Barack Obama would not implement the proposed move to end tax breaks for US firms moving jobs overseas.
On Tuesday, Obama said his government would restore a sense of fairness and balance to the tax code by finally ending the tax breaks for US corporations that ship jobs.
Responding to this, Infosys Technologies Ltd, India’s second largest software exporter, said in a statement: “The US is a very open economy and a strong proponent of free trade globally. We are confident that the US will not take any measures which might hurt its global competitiveness. We need to wait for more details to understand President Obama’s statement” .
Industry lobby National Association of Sofware and Services Companies, or Nasscom, said in a statement that ”Global sourcing has helped companies gain the vital competitive edge—time to market, transformation of businesses, integration of processes, reduce costs and enhance efficiency—all of which are key drivers for revival of economic activity.”