Multinational companies are cost-centric, they are not profit-centric. President Obama has been speaking about $600 billion profits US companies are making outside of the US. The number I mentioned is nowhere close.

Q: The anti-outsourcing lobby in the US is much more active now?

Bhasin: It is bound to be. Unemployment has doubled in the US. What do you think will happen in India if unemployment doubles and we are outsourcing to China? People are naturally worried about job losses. We are equally worried about them losing jobs, as many of them are our clients, partners.

Q: Earlier, the Nasscom team met US lawmakers. Your lobbying does not seem to be yielding results.

Bhasin: They listened very nicely to us. We work with US industry bodies; we work with lobbying companies, which help us reach out to the right senators and the right people in the administration. And, of course, our member companies also do this at their individual level.

Q: So, is this mere political rhetoric?

Bhasin: People are losing jobs in America, the magnitude of which is yet to be seen in India. People who have worked all their life are seeing their planned savings becoming half, their home value reducing to below the mortgage value. Suddenly, from a point when they thought they had enough money to save and retire, they have no money left and have to go back to work. Rhetoric like this will increase till the economic recovery starts.

Source: Business Standard