Leaning on US President-elect Donald Trump's business credentials, the Indian IT sector is hopeful of the new administration taking a "balanced approach" to outsourcing and visas for high-skilled jobs given India's crucial role in keeping America competitive.
Trump, who during his high-decibel campaign, had advocated tightening of visa norms for skilled workers and bringing jobs back to America, today beat rival Hillary Clinton in the race to be the 45th US President.
Putting up a brave face to Trump's victory, captains of the USD 110 billion IT industry contended that the Republican -- himself a businessman -- will be "pro-business".
BPO industry stalwart Raman Roy said no immediate impact is expected on the sector given the commercial and business considerations and highlighted the "integral" role played by Indian IT companies in scripting the economic growth story of American enterprises.
"I have no hesitation in saying there will be no issues. He (Trump) cannot produce a million people overnight to do the job. He cannot say they will shut off the switch... There is commerce that is going to happen... Card queries, insurance and mortgage queries that have to be answered that are being done from here (India)," Roy added.
Many had feared that Trump's coming to power could lead to job losses for Indians and a protectionist approach by the US, a market that accounts for about 70 per cent of the Indian IT industry's revenue.
Industry watchers also played down the apprehensions of adverse impact on software and outsourcing jobs saying it may not be "as dramatic as anticipated".
IT doyen NR Narayana Murthy said the US had a chance to create history by electing Hillary Clinton but added that Trump will do what is best for his country.
Murthy said he did not expect Trump's election as President to impact Indian companies and that the challenge for outsourcers here would be to become more valuable to their customers.
Former Nasscom Chairman BVR Mohan Reddy said Indian IT companies have helped US firms develop new technologies, significantly benefiting clients as well creating jobs.
"We hope that as the rhetoric of the US presidential contest fades into the past, the Trump administration will make mutually beneficial trade with India a high priority, and will take a balanced approach to high-skilled visas and the contribution of India's IT sector to the US economy," he added.
However, the stock markets belied the confidence exuded by the industry as the BSE IT index lost 3.28 per cent. Shares of TCS plunged 4.93 per cent, while Infosys and Wipro lost 2.74 per cent and 1.27 per cent, respectively on BSE.
Arup Roy, Research Director at Gartner, also expressed
concern saying the sector -- which is already battling challenges in verticals like financial services and healthcare -- should now "brace for further troubled times ahead" and that a sub-10 per cent growth for FY2017 is certain.
"Now with Donald Trump, administration will add to the industry's woes. Trump administration's protectionist views would have further dampening impact on growth prospects, if the views were to crystalise into some serious policy implementations," he added.
Industry experts, however, also conceded that the anti-outsourcing rhetoric that often comes up during election campaigns, rarely translates into major policy decision making post elections.
Genpact founder Pramod Bhasin said while he was "stunned" by the election outcome, he did not expect any negative ramification for the Indian technology players as Trump being a businessman "will always be pro-business".
Industry body Nasscom said it is optimistic that Trump's administration will focus on making the strategic relationship with India a high priority, including providing a boost to US- India bilateral trade and investment.
Nasscom went to the extent of claiming that many of Trump's observations during the campaign concerning high-skilled immigration and outsourcing were based on "fabrications put out by critics" of the sector.
Industry veteran and former HR head of Infosys TV Mohandas Pai said it is still early days to draw firm conclusions, adding that India's prowess is well-established in technology.
During his campaign, Trump had spoken of higher taxes for companies outsourcing jobs to locations like India. However, on later occasions, he appeared to have softened his approach saying under his administration, India and the US would become "best friends".
The Indian industry is now keen on working with the new administration to further highlight India's contributions to the US economy and ensure the American leaders understand the depth of investments made by firms from the South Asian country.
"Our sector plays a key role in helping US businesses innovate and grow and make corporate America more competitive," Nasscom said.
While industry leader Tata Consultancy Services said the company was keen on working with the President-elect towards a positive impact, Tech Mahindra CEO and MD CP Gurnani said he was hopeful that the new administration will pursue mutually beneficial bilateral relationship with India.
