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India Inc senses a turnaround artist

India Inc hailed Barack Obama’s victory in the US Presidential elections amidst hopes the new administration’s policies would bring about a turnaround in the world’s largest economy from the pilling rubble of global credit crisis.

business Updated: Nov 05, 2008 20:44 IST
HT Correspondent

India Inc on Wednesday hailed Barack Obama’s victory in the US Presidential elections amidst hopes the new administration’s policies would bring about a turnaround in the world’s largest economy from the pilling rubble of global credit crisis.

This would mean two things: Sound demand generated for world products and services from a robust US economy, and an absence of protectionism to ensure that domestic growth does not hurt overseas interests.

“We believe President elect Obama to be a pragmatic leader who understands that American industry needs to be competitive not just in America but in third countries as well,” Infosys chief mentor NR Narayana Murthy said.

“The revival of the US economy is critical to us and the world economy and is inevitable. Our exporters should be preparing to take advantage of this coming resurgence of US demand and the government must ensure that our exporters are enabled for this coming opportunity,” Industry chamber Ficci’s President Rajeev Chandrasekhar said.

Assocham President Sajjan Jindal expressed hope that the new administration would further boost bilateral and business relations between the two largest democracies of the world.

A revival of the US economy is crucial to sustain India’s growth momentum. India exported goods worth nearly $60 billion to the US in 2007-08, which is about a third of total exports.

“CII expects that this trajectory of growth — which began with the March 2000 visit of President Clinton to India — will continue into an Obama administration due to sheer commonality of democratic values and interests," the Confederation of Indian Industry said.