American President Bush said outsourcing to countries like India has its own advantages and loss of U.S. jobs to these countries actually helps create markets for American business. Bush feels India’s growth as a new economy will unbundle newer opportunities for the U.S. businesses, farmers and workers. It’s believed that more than 1.2 million Indians are employed in high tech sectors for U.S. companies or their affiliates. By citing examples of both the demographics President Bush says United States only has 5% of world’s total population and 300 million Indian middle class (ready for an outsourced job) is greater than the entire population of United States.
But even with India’s growing prosperity, Americans buy more goods from India than they sell to Indians. The United States had a $10.8-billion trade deficit with India last year, because even though U.S. exports to India have been increasing steadily, imports from India have risen more.
Via [Freep]
