On November 4, 2008, Barack Obama defeated John McCain in the general election with 365 electoral votes to McCain’s 173 and became the first African American to be elected President of the United States. In his victory speech, delivered before a crowd of hundreds of thousands of his supporters in Chicago’s Grant Park, Obama proclaimed that “change has come to America”.
Furthermore, world economies have been on the brink of submerging into a global depression, but there is no doubt a new U.S. administration has been launched with a far secured position of power than its predecessor–an administration beset with falling public approval ratings and difficulties managing congressional affairs. In this context, the president’s Economic Recovery Advisory Board, a new White House committee comprising leading figures from a variety of business sectors, will advise Obama on how to jump-start the economy while stabilizing the financial market. The board is now led by former Federal Reserve Board Chairman Paul Volcker.
It has been seen that Information Technology in India accounts for a significant part of the country’s GDP and export earnings while providing employment to a considerable number of its tertiary sector workforce. Technically efficient immigrants from India sought jobs in the western world from the 1950s onwards as India’s education system produced more engineers than its industry could imbibed. India’s development process in the information age enabled it to form close ties with both the United States of America and the European Union. Therefore, Obama’s victory certainly impacts on India as it is big question for Indian software technology park when Obama expresses about the critical part of outsourcing to India.
According to the Hindu, Mr Anand, founder and chief executive of IT support services provider Kuliza Technologies has said in an interview, “As a result of deepening talent base and expertise built over the last decade, India will be increasingly looked upon as the hub for high-end research and software product development activity.”
However, it is true that Information Technology is a pile of collaboration therefore, devastation never comes alone to a country. Of course, global financial rescission impacts on IT market in India too but this has many different issues.
