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Anti-outsourcing move will hurt US: Mukherjee
Monday January 30, 2012 08:22:12 PM,
IANS
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Chicago: 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.
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