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Obama's vow to affect IT: Pranab

Written by: Staff

New Delhi, Feb 28: India is against any protectionist move that would affect IT industry, opined Finance Minister Pranab Mukherjee. His statement comes as US President Barack Obama vowed to eliminate tax benefits for American firms shipping jobs to foreign countries.

Speaking to Karan Thapar in a interview in CNN-IBN, Pranab said the IT industry will be affected due to the impact of financial substantial number of Indian workers will have to address this issue. Hence India is opposing protectionism, not only here but at every forum, he added.

"We can't just go for country specific solution for such problem issue is that our IT industry will be affected," he said.

In his maiden budget on Feb 26, US President Barack Obama said that US government would do away with tax breaks for firms outsourcing jobs to overseas destinations, including India. At the same time, the administration would be providing tax relief to 95 per cent of American working families.

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