Obama's anti-outsourcing stand is unacceptable: Pranab

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Pranab Mukherjee
Chicago, Jan 30: India's Finance Minister Pranab Mukherjee, at his last leg of 2-day state visit to Chicago, candidly commented on US President Barack Obama's suggestion to cut outsourcing, which has been facilitating India's job market in a large-scale over the years. Meanwhile, he also cleared India's stand over Iran controversy.

Early this month, Obama in his last State of the Union Address before the presidential elections, stepped up the effort to stop jobs ship abroad adding woes to already crippled nation's job market.

"If you're a business that wants to outsource jobs, you shouldn't get a tax deduction for doing it," he had stated while addressing State of the Union Address.

"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 said.

Obama has been strongly recommending to end outsourcing for some time now, as he believes that this move would fix the bangalored US employment by creating more jobs for Americans.

Pranab termed such measures as self-defeating and unacceptable. Furthermore, he warned of possible protectionist moves in US.

"Protectionism ultimately does not help the country that resort to protectionism. There is no denying the fact that despite some aberrations, uninterrupted flow of goods and services and removal of tariff and non-tariff barriers have yielded results for all. Therefore, I do believe there is merit in giving up protectionism and I do hope that countries will resort to it," Pranab said

Over the stiff nuclear programme stand-off between US-Iran, Pranab Mukherjee said that it is not possible for India to slap sanctions and bring down the scale of petroleum imports from Iran.

"It is not possible for India to take any decision to reduce the imports from Iran drastically, because among the countries which can provide the requirement of the emerging economies, Iran is an important country amongst them," the Finance Minister said.

Pranab also stated the possibility of invoking FDI in retail policy that had buckled under the UPA coalition politics.

OneIndia News

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