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Bush supports outsourcing;asks India to further open economy

Written by: Staff

New Delhi, Mar 3 (UNI) Assuring India that he does not support the protests against outsourcing in the US, President George Bush asked New Delhi to further open the economy and lift caps on foreign investment.

He said while some Americans would have lost jobs which moved over to India, many of the US companies like General Electric, Microsoft, Intel and Whirlpool were availing of the market opportunities provided by 300 million middle class Indians.

In his address to prominent Indians here,President Bush said he ''disagreed'' with those Americans who protested against outsourcing of jobs to India and other emerging economies.

However,he asked India to open the economy further by removing the limits on foreign direct investment and ensuring ''transparent rules'' in several areas.

The US and the European Investors have been demanding lifting of the FDI caps in many of the sectors like retail and hiking the limits in insurance etc.


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