US President George W Bush says the American government will not take any protectionist measures to address domestic concerns on outsourcing to major IT destinations like India.
President Bush's comment came during his interaction with young entrepreneurs at the Indian School of Business in Hyderabad on Friday.
"I have taken a position. The US will reject protectionism. We won't fear competition. We welcome competition," he told the young entrepreneurs.
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Bush's comment was greeted with applause as it comes in the wake of stringent criticism from a section of American public who are against outsourcing to countries like India.
Bush said he was impressed by the Indian School of Business. The sprawling ISB campus at Gachibowli on the outskirts of Hyderabad is a much sought after destination these days. In three years, ISB has emerged as one of the most prestigious business schools in India.
ISB's governing board comprises business leaders, entrepreneurs and academicians from some of the world's leading business and management education. Its partnership with the Kellogg School of Management, The Wharton School and London Business School makes ISB one of its kinds in Asia.
Bush noted that people lose jobs as a result of globalisation. "Losing (your) job is painful. But the fundamental question is how does the government react," he pointed out.
He said one way was to resort to protectionist laws and the other was to educate people so that they found jobs in the 21st century.
"Let us make sure that pro-growth economic policies are in place -- it means low taxes, less regulations, fewer lawsuits and wise energy policies," the US President said.
The American President said Administration will ensure easy access for Indian students who are eager to study in American universities and schools.
Bush said globalisation provides 'great opportunities' and asserted that his country would not 'pull back' from competition.
Highlighting India's importance in terms of business, he said the country had a 30 crore (300 million) middle class market.
"If we make a product they want at a reasonable price, it becomes viable. It will have a market in India," he said, adding the people of America should maintain their confidence about their future.
Bush, whose audience included several entrepreneurs educated in the US, said the American Universities and colleges should be accessible to Indians.
He said it helps change the perception of the country. "We welcome people to the US so that you can see first hand good side and bad side and you can draw your own conclusions."