The counties which had been persuading India to open up economy are getting into a protectionist mode now, Nasscom President R Chandrashekhar said today.
"One of the ironies of today's world is that even as we have opened up our economy ... Many of the countries which had actually been persuading us for the last few decades to open up our economy, to allow investments are today pulling down shutters and are getting into a protectionist mode," he said.
"This is little unfortunate because it is something that works to the determent of the global economy which had actually been driven by this whole industry."
"We believe that in this set of protectionist trend which are coming in, the talent which is here would end up being deprived of the opportunity to contribute to those economies across the world," he added.
Chandrashekhar was speaking at an event where Karnataka Chief Minister Siddaramaiah today announced the inauguration of second start-up warehouse in the city.
Stating that this situation in any case provides both an opportunity and challenge for us, the Nasscom President said "challenge because those doors for such talents may have constraints in the future, but opportunity because if we are able to convert this talent into value, into ideas which are even as we speak is changing the face of India."
According to estimates, the impact of these digital and disruptive technologies could contribute five hundred billion to a trillion dollar to the GDP as early as 2025, he said adding that "in a sense this talent which remains with us we must foster it and nurture it..."
Asked whether the protectionist measures he is indicating at include issues relating to H1B visa, Chendrashekar said, "yes..., it includes all technology talent related things".
Responding to a question about growth coming down from 30-40 per cent earlier to 12-14 per cent, he said "....One of the reasons for percentage slowing down is because base is growing large."
He said it may be slowing down in terms of percentages, but the absolute growth is still increasing and keeping pace in spite of changes in technology.
