India Inc calls Obama ‘protectionist’
India Inc described the US President Barack Obama’s announcement to punish American firms by levying high taxes on their outsourcing business as “protectionist” and a retrograde measure that, it said, will hurt the US companies.
“Taking measures that would force companies to restrict their economic activities in one vision and not in the other is a retrograde step,” the Federation of Indian Chambers of Commerce and Industry (FICCI) said.
FICCI President Harsh Pati Singhania said while Obama’s move would have some impact on the US investment abroad and into India, in the long run this would only run counter to the interest of US corporations seeking global presence.
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Source: Indian Express
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