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Obama has not been the darling of the outsourcing industry due to his high voltage rhetoric against them. Even now he keep making some noise about how the reformed tax code will help companies those who bring back jobs to US and will disincentivize those who outsource.
Indian Commerce and Industry minister Anand Sharma recently said “Without getting into the specifics clearly, I would say that in today's time what is expected from governments, nations and leaders is to bring down the existing barriers and not to allow new barriers of protectionism to come up, which will be counter-productive for the global economy, as they deepen the recession and delay the recovery."
Despite of all the heart burn caused, Obama has still done few things right which we propose our policy makers to take a note of too. Our government instead of thinking that he wouldn't rock the outsourcing boat should also make its economy self sufficient in a sense that it makes obama’s decision irrelevant to our requirement of providing jobs to growing number of graduates . Here are his three simple yet effective steps which are yet to be executed completely however in principal give the right guidance to begin with. Here the those below :
Low interest rate of student loan
Americans owe more in tuition debt than in credit card debt and what Obama has done is frozen that low interest rate which gives the students the much needed gasp of financial breath to build their future. In India the interest rate on students loans are still high and government needs to step into this so as to encourage more students opt for higher education and don’t remain stuck in low paying jobs due to unaffordable education.
Increase Job Training Opportunities
Obama has proposed to create "community college to career fund" to subsidize job training programs for two million workers. The congress is yet to decide on this. In India too, we need such job training institutes which makes our bulk of unemployable resource, employable. The existing quality of vocational courses is low and a major percentage of our graduates is not employable , at least not at par with desired standards. What is needed to be done is start free workshops for improving communication skill set and hone their basic computer knowledge.
Support Small Businesses and Startups
In his State of the Union speech, Obama said - "After all, innovation is what America has always been about. Most new jobs are created in startups and small businesses. So let's pass an agenda that helps them succeed. Tear down regulations that prevent aspiring entrepreneurs from getting the financing to grow. Expand tax relief to small businesses that are raising wages and creating good jobs. Both parties agree on these ideas. So put them in a bill and get it on my desk this year."
This is what we need in India too. If we wish to become a knowledge superpower, we need to encourage innovation, starts ups and start a healthy ecosystem for budding entrepreneurs.
Our leaders favorite pass time is to conceptualize, and create, inefficient, highly corruptible subsidy programmes disguised as welfare schemes. The big question is will Indian leaders ever be able to think like Obama to counter his rhetoric on outsourcing.