India will remain a top outsourcing destination: Moody's

New Delhi, Mar. 8 (ANI): Despite US President Barack Obama's anti-outsourcing policies, global financial firm Moody's has said India will continue to remain a top outsourcing destination.

"India will remain a top outsourcing destination because of its tech-savvy and English-proficient urban workforce whose wages are much lower than their western counterparts," Moody's economist Sherman Chan said.

Sherman, however, added that India's outsourcing industry would certainly be affected by the global economic meltdown, as demand for IT support or telemarketing has weakened significantly in recent months.

Nevertheless, Indian outsource industry would recover well soon, though the recovery is expected to be gradual as businesses will remain cautious with investment plans, she further said.

Obama, in his first address to the joint session of the US Congress last month, came down heavily on outsourced jobs, and stated his administration would end tax breaks for corporations that ship the US jobs overseas. (ANI)