Blair allays India’s fears about outsourcing

The European Union on Wednesday sent a clear message that India would have to open up its economy for attracting FDI in core sectors to the tune of $150 billion, which Prime Minister Manmohan Singh has sought over a period of 10 years.

“The future clearly belongs to opening up of the economies. Globalisation is not a matter of debate, it is a reality,” British Prime Minister Tony Blair, who is also the President of the European Council told the India-EU Business Summit in New Delhi.

Blair allayed fears about outsourcing saying it was there to stay, as it helped economies of the developed countries.

Dismissing fears of loss of jobs in developed world due to outsourcing of business processes, Blair said outsourcing in fact helped in boosting the profits of local business houses.