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With Barack back, Chambers expect US to achieve faster economic recovery

Industry bodies have  said the re-election of President Barack Obama is expected to revive the US economy which will have positive impact on India as well as the rest of the world.

'Ficci expects the new administration to set the US economy firmly on the path of revival and robust growth. This would be of great significance for the world economy and Indian exporters should be looking at a sustained rise in demand in the US,' Ficci said in a statement. The new administration under Obama would take both long-term and practical view of issues such as outsourcing 'which ultimately are in the US national interest because they help US companies drive down costs paving the way for expansion,' Ficci president R V Kanoria said.

Assocham also expressed hope that 'the US economy will recover fast as the Indian economy is deeply integrated with it.' Assocham President Rajkumar Dhoot said that with Obama's re-election the untapped trade opportunities between India and US will be tapped and US firms will invest in the infrastructure  opportunities that India provides. 'The US is the largest economic partner of India and 60 per cent of our software exports go there. US-India energy cooperation will reach a greater point with possibility of America becoming a energy superpower with the discoveries of Shale and Oilsands,' Ficci said.
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