Obama’s tax proposals won’t affect Indian firms: HCL chiefMay 11th, 2009 - 4:59 pm ICT by IANS
New Delhi, May 11 (IANS) US President Barack Obama’s recent announcement on tax crackdown on companies outsourcing to overseas firms will not affect the Indian IT sector, an industry official said here Monday.
“It will impact only American companies. It is being misunderstood largely. However, we still need to study its impact in the future,” HCL chairman and chief executive Ajai Chowdhry told reporters on the sidelines of a business conference.
Regarding the slowdown in India, he said: “The first signs of recovery are already being seen. Though it is still a tough period, we need to maintain a positive outlook.”
Elaborating, Chowdhry said: “The two market indicators - Sensex and manufacturing - are showing positive signs, which indicates that we are in a good position.”
He, however, admitted consumption was still subdued, and attributed it to the lack of credit available in the market, which drives growth.
“Government buying is still low and needs to pick up so that the market stabilises a bit,” the HCL chief executive said.
“However, if we look at the GDP of Singapore which is minus 6 percent and that of India which is at 6 percent, we are still in a very good position,” Chowdhry added.
- HCL Infosystems picks up 60 percent stake in Dubai firm - Jul 08, 2010
- HCL Infosystem to acquire companies in emerging markets - Oct 21, 2010
- Buoyant Indian IT industry rebounds but remains cautious (2010 in Retrospect) - Dec 30, 2010
- HCL Infosystems Q3 net profit dips marginally - Jan 28, 2011
- ICRA cautious about rating updates on India - Apr 26, 2012
- HCL Info partners Consolidated Gulf to sell products in Qatar - Jul 16, 2012
- Harsh Chitale new CEO of HCL Infosystems - Oct 01, 2010
- HCL Infosystems Q1 net profit down by 19.5 percent (Lead) - Oct 27, 2010
- Succession Planning: Some hiccups, but Indian IT shows the way (Comment) - Jun 16, 2011
- Ratings downgrade was inevitable: Wipro - Apr 25, 2012
- With inflation easing, India's central bank halts rate hikes (Roundup) - Dec 16, 2011
- HCL to acquire 20 percent stake in Techmart Telecom - Dec 30, 2010
- HCL Technologies net profit surges 62 percent - Jul 27, 2011
- Employees likely to get 12 percent salary hike in 2012 - Feb 21, 2012
- Wipro upbeat despite flat IT growth - Oct 31, 2011
Tags: ajai, barack obama, business conference, consumption, first signs, gdp, India, market indicators, New Delhi, positive outlook, positive signs, sensex, sidelines, singapore, slowdown, tax crackdown, tax proposals