Victory of compassionate capitalism: Infosys

November 5th, 2008 - 9:17 pm ICT by IANS  

New Delhi, Nov 5 (IANS) Indian software major Infosys Technology has hailed Barak Obama’s victory in the US presidential election, calling it a victory of “compassionate capitalism” over laissez faire capitalism.”Today is an extraordinary day. The US has voted for compassionate capitalism over laissez faire capitalism. Besides, this election has shown that meritocracy matters most,” Infosys chairman N.R. Narayana Murthy said in a statement.

Laissez faire is an ecnomic theory which advocates for minimum government interference in market.

Earlier in the day, the company’s shares slipped 0.91 percent at the Bombay Stock Exchange over fears of the president-elect’s protectionist policies. The industry fears the Obama administration may offer tax breaks to companies which do not outsource.

“We believe President-elect Obama to be a pragmatic leader who understands that American industry needs to be competitive not just in America but in third (world) countries as well. This election has also proved that the internet is a powerful medium for raising funds,” Murthy added.

Tata Consultancy Services’ (TCS) scrip also dipped by half a percent during the day’s trading.

The National Association of Software and Services Companies (Nasscom), the industry trade body, expressed optimism over his victory victory in the elections.

“The Nasscom looks forward to this opportunity of working with the president-elect and his administration on mutually beneficial policies that will boost the economies in both nations, enhance bilateral national security matters between India and the US,” the body said in a statement.

The Nasscom said with the global economy stressed, it is more important than ever that India and the US find ways to partner together to spur innovation, foster economic growth, develop an educated and skilled workforce and create jobs for the modern global marketplace.

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