Nasscom positive about India's outsourcing future despite Obama's win

"I think that this (Obama's victory) will lead to a new era of greater cooperation between India and US. In the current context it is even more important for the two countries to find ways to partner together to spur innovation, foster economic growth, develop an educated work force and skilled workforce, and create jobs for the global market place," he said.

"As long as the work we do is high-skilled and provide qualified talent, there is no way we can be replaced overnight. From where will the US bring so many engineers," said M. Narasimha Rao, president of Hyderabad Software Exporters Association.

Agrees Kaustubh Dhavse, deputy director, ICT practice at Frost & Sullivan. "Outsourcing has benefited the American economy more than it has taken away, resulting in strong margins for the US companies which have been passed on to their shareholders who are predominantly American. The story will not be any different now and that's something Obama cannot overlook," Dhavse said.

"I do not believe that Obama's presidency will spell doom for the Indian IT industry. Offshoring to India enhances the cost competitiveness of US industries and is a net creator of jobs. Obama is a new generation leader. He has an excellent grasp of economic issues and is unlikely to take measures that will hurt the US economy," said Roopen Roy, managing director, Deloitte & Touche Consulting India.

"US companies outsource to India not for tax incentives but to remain competitive. My bet is that under Obama, the US and India will actually scale new heights in economic cooperation," Roy said.

Meanwhile, attempting to infuse confidence among Indian techies, Nasscom said the financial crisis that has hit global markets and the economic downturn in the US are "temporary" and the IT-BPO sector in India would remain untouched by the meltdown.