December 16 2019
India Inc refutes Obama's charge of stealing jobs
26 January 2012

With HCL Technologies announcing 10,000 jobs for locals in the U.S. and Europe, India Inc on Thursday chose the WEF meet to send a strong message that Indian IT firms are creating and not stealing jobs in troubled western economies.

Also, a message emerged from British Prime Minister David Cameron's advice to the European Union (EU) that instead of being a threat, the emerging economies like India can be of great help to Europe.

Concluding a Free Trade Agreement (FTA) with India by the year-end would be in Europe's interest, he said.

“We need to have a checklist to tackle the euro crisis...There has to be FTAs, bilateral trade agreements and EU trade agreements with countries like India and Singapore, among others by the end of the year,” he said.

His plain-speak to Brussels (EU headquarters) comes against delay in the trade-opening pact with India.

Barely a day after President Barack Obama hit out against outsourcing, HCL Technologies' Vice Chairman Vineet Nayar made a major announcement here that his company would create 10,000 locals jobs in the U.S. and Europe in the next five years.

“Companies in today's world of globalisation need to create jobs wherever they go. We have taken a pioneering step...,” he said.

Wipro chief Azim Premji, known for his frank talk, said the issue of outsourcing is “getting hyped up since elections are coming up...The U.S. has become over-sensitive on jobs.”

Chairman of Mahindra Satyam Vineet Nayyar hinted at creating jobs in the western economies from where they get the bulk of business. “Indian firms when they go overseas, will have to create jobs there. We will certainly do so,” he said.

German Chancellor Angela Merkel also wanted investment in Europe to create employment. Mr. Obama in his State of Union address had hit out at outsourcing. “No American company should be able to avoid paying its fair share of taxes by moving jobs and profits overseas. From now on, every multinational company should have to pay a basic minimum tax. And every penny should go towards lowering taxes for companies that choose to stay here and hire here,” he had said.

Amid economic uncertainties and rising unemployment in the western world, the focus is on generation of jobs.



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