Anti-Outsourcing Move Will Hurt US: Mukherjee

Chicago, Jan 30 (IANS): The anti-outsourcing measures US President Barack Obama announced last week are unacceptable and will hurt both American and Indian economies, Finance Minister Pranab Mukherjee has said.

Talking to mediapersons at the end of a two-day visit here, Mukherjee said outsourcing of jobs had helped increase the profitability of American companies and any move to discourage such activities would hurt them.

Mukherjee's comments Sunday came after Obama last week raised concerns on outsourcing, calling out US firms to bring jobs back home.

In his State Of the Union address, Obama had said the companies which provided jobs at home would get a bigger tax break while those outsourced jobs would have to pay more tax.

Urging all countries to avoid creating barriers for movement of trade and services, Mukherjee warned that growing protectionist tendencies in the US and some other countries would hurt the global economy.

"I do believe that there is merit in giving up protectionism and I do hope that the countries will not resort to protectionism."

Mukherjee said the world trade and economic growth had increased substantially in the last two decades mainly because of dismantling of barriers.

"Growth in world output over the years have been substantial because of a substantially removal of tariff and non-tariff barriers," he said.


Top Stories

Leave a Comment

Title: Anti-Outsourcing Move Will Hurt US: Mukherjee

You have 2000 characters left.


Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will be held responsible.