Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Indian IT industry to help in US economic recovery

Reportedly Indian IT firms will start hiring in US for its economic recovery.

News18test sharma |

Updated:April 11, 2009, 10:34 AM IST
facebookTwitter Pocket whatsapp
Indian IT industry to help in US economic recovery
Reportedly Indian IT firms will start hiring in US for its economic recovery.

Washington: India's information technology industry should start hiring in the US to help in its economic recovery as the US is always going to be its biggest market, the industry association's head has suggested.

The restrictions on H1B visas in the US "absolutely is a concern," Pramod Bhasin, president and chief executive of outsourcing firm Genpact and the new chairman of the National Association of Software and Services Companies (Nasscom), said in an interview with Forbes Asia.

"We've met the concerned people in Washington and expressed our views. Any abuse of the visa system must be stopped, and Nasscom will help to do that," he said.

"That said, I believe that we should be hiring in the US and thereby participate in its economic recovery," Bhasin was quoted as saying. "Several of our companies are already looking to create employment in the US It's the ideal time to get the best talent."

Asked about Nasscom's strategy to address the protectionist wave in the US, Bhasin said there's a lot of protectionist noise today, but the Indian industry "should respond to the reality, not the rhetoric."

"American companies are not going to turn away from global intellectual capital. The US is always going to be our biggest market," he said.

Calling backlash against outsourcing due to layoffs around the world as "a big issue that we're facing," Bhasin said Indian "industry isn't responsible for these layoffs, which have been caused by other factors."

"We're working with governments around the world to make ourselves heard. We bring real value to global companies, and it would only hurt them if they dispensed with our services," he said.

Asked about the industry outlook for this year, Bhasin said last October they had estimated an annual growth of 13 per cent over the next two years after ending the last fiscal year with an overall increase of 16 per cent. But that's "no longer achievable."

"Although we expect to grow at a lower pace this year, our sector will still outgrow other sectors," despite the recession as "the fundamental premise of our business remains unchanged," he said.

"We see ourselves as part of the solution to the global recession," Bhasin said noting "that ours is still a small industry; our biggest firm has revenues of only $6 billion. We still have a lot of runway ahead."

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
CCL Products 207.95 5.08
HDFC 2,403.65 -1.18
ICICI Bank 526.45 -0.32
Bajaj Finance 4,421.75 4.95
HDFC Bank 1,235.95 1.07
Top Gainers
Company Price Change %Gain
Tata Motors 188.05 6.79
Bajaj Finance 4,421.75 4.95
Nestle 15,869.80 2.96
ITC 236.85 2.64
Infosys 789.45 1.48
Top Losers
Company Price Change %Gain
TCS 2,152.70 -1.44
HDFC 2,403.65 -1.18
UltraTechCement 4,568.10 -0.88
Titan Company 1,186.65 -0.68
Sun Pharma 450.05 -0.57

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results