Speaking of the new proposals of tax reforms by the Obama administration, Anand Sharma, the commerce and industry minister, said that such measures if implemented could be counter productive since they would create newer barriers and deepen recession. Obama's government plans on imposing more tax for offshore earnings which actually can delay the recovery of the global economy.

He expressed at the Nasscomm summit talking to the reporters that the leaders of the world work in a way that doesn't create barriers and instead eliminate the existing ones to work against the recession. Any other reforms would only deepen the recession while being an impediment to the ongoing recovery.

He was however positive that the US govt would see through the mistake and not implement the policy which could affect the partnership between India and USA in the IT sector. The improvement of the interactions between the countries and mutual investments are the driving forces for the trade partnership.

(AW- Anil)