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India will oppose protectionism: Pranab

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Agencies

Posted: Feb 28, 2009 at 1010 hrs IST
Pranab mukherjee

New Delhi As US President Barack Obama vowed to eliminate tax benefits for American firms shipping jobs to foreign countries, India has said it is against any protectionist move as it would affect its IT industry.

"The IT industry will be affected due to the impact of financial meltdown...substantial number of Indian workers are there…we will have to address this issue...we are opposing protectionism, not only here but at every forum," Finance Minister Pranab Mukherjee told Karan Thapar in an interview for Devil's Advocate programme.

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

Mukherjee added that the protectionism of any kind at this time should be avoided and Prime Minister Manmohan Singh also made it quite clear at G-20 meeting last year.

On February 26, Obama in his maiden budget speech said the 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.

Nearly 1,000 US firms, which have shipped their jobs overseas, are expected to be affected with the proposed elimination of tax incentives. The plan mainly refers to one of the provisions in the tax code that allows companies to pay less taxes for profits earned from foreign shores.

However, the US is yet to outline the ways to abolish tax breaks for the entities outsourcing jobs. Majority of the Democrats are against the provision, saying the same was encouraging firms to move jobs overseas and even cut the local positions.

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PROTECTIONISM IN INDIA by Niranjan on 01 Mar 2009

PROTECTIONISM IS BEING PRACTISED EVERYDAY IN INDIA IN EVERY STATE, EVERY CITY IN INDIA. INDIAN PROTECTIONISM IS BASED ON REGION, CASTE, RELIGION, CREED, MINORITIES AND MANY MANY MORE BASIS. WHAT WILL YOU DO ABOUT THAT, MR. MUKHERJEE? IT IS ALWAYS EASY TO FIND A TARGET FAR AWAY AND HARP ON IT DURING ELECTION TIMES. IF YOU WERE IN OBAMA'S POSITION WOULD YOU HAVE ACTED DIFFERENTLY? IT IS ALWAYS EASIER SAID THAN DONE!!

Beggers by Raj Thackrey on 28 Feb 2009

Instead of going to the US with a begging bowl for jobs, India should creat its own job rather than relying on other countries to feed its citizens. Its a shame.

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