- India's Minister of Commerce and Industry Kamal Nath asserted that Indian investments in the United States in the last two years had created more jobs in the US that American investment in India has, by pointing out:
-American exports to India went up by over 70 per cent last year indicating healthy economies in developing countries mean greater markets.
-Indian growth is domestic market driven by increased consumption.
- Outlining his vision for a strong US economy, the Democratic presidential candidate Barack Obama said that US must invest in the research and innovation to create jobs and industries, for eg,
-in a renewable energy policy that ends addiction on foreign oil, provides real, long- term relief from high gas prices and high fuel costs, and builds a green economy.
- by rebuilding schools, roads, bridges, and other critical infrastructure that needs repair.
The latter statement was a surprise- especially since a few months ago, Mr Obama was touted to be anti-outsourcing-and expected to promote protectionism by building walls!!
Personally, I think there has to be a radical change in the view regarding the cap of immigrants. which, the Rand report issued by an American Association of Advancement of Science highlights,“rather than protecting jobs, could lead to reduced investment and employment at US'!! The recent reduction in skilled immigrant visas (H1-B) has the potential to reduce the inflow of foreign science and engineering workers; and curtailing the supply of these scientists and engineers can lead US firms to outsource more research and development works to foreign countries and locate new facilities overseas.
One thing globalisation will enable- thanks perhaps to technology- is 'free trade'-and it is imperative for all of us-be it countries, corporates -or individuals, change the way we have thought in the past!!