India hits out at protectionist tendency of US

New Delhi, Feb 20 (PTI) India Friday opposed protectionist
measures built into the US government's multi-billion
corporate bailout package, saying these were "worrying signs"
from the world's biggest economy.

"We are already witnessing worrying signs of protectionism
in the world's biggest economy. We need to argue against this
trend at the international fora," External Affairs Minister
Pranab Mukherjee said inaugurating the 42nd Indian Labour
Conference.

He was apparently referring to the Washington's bar on
firms receiving bailout money from hiring foreign workers if
they are to replace Americans at work.

Industry estimates suggest nearly 100,000 Indians were
among the 163,000 that had applied for non-immigrant skilled
workers visa (H1-B) in FY'09. The US has capped the number of
H1-B visas at 65,000 a year.

The bailout-condition could affect Indian skilled workers.

In the wake of the global financial meltdown, Mukherjee
said, "We will need to press for trade and aid flows to
developing countries and look at regional cooperation to
strengthen defences against such crises".

Mukherjee said there was a need to invest more in
infrastructure, provide adequate credit support to the poorer
sections of the society and create better facilities for
upgrading skills and re-skilling of the workforce.

"Our government is making all efforts to ensure flow of
credit to consumption, trade and investment, and stimulating
additional demand through public and private expenditure and
investment," Mukherjee said.

He said the government's response to the crisis has been
swift and recent developments show that the benefits were
trickling down.

"Global crisis requires a global response and India is
playing its own role in fashioning it," he said. PTI SKU
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