Easy Job Search

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Outsourcing Vs Obama

While American companies are up in arms about U.S. President Barack Obama’s new tax plans, Indian companies are just plain confused.

Take, for instance, his fixation on Bangalore. Talking about the old tax code which he intends to reform, On May 4, Obama described it as one “that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York.” (For more, see this story from India’s Economic Times, a BusinessWeek content partner.)

Great stuff. But what does it actually mean?

To figure that out, one needs to keep in mind the difference between outsourcing and offshoring. Offshoring is when a U.S. company sends jobs that once existed within that U.S. company overseas to a subsidiary of its own – for instance, if an IBM coding engineer’s job gets moved to Bangalore, but the new employee is still an IBM worker. Outsourcing is when a U.S. company pays another company altogether for doing that job - much of it ends up in India, but a grocery store in Kansas could outsource its book-keeping to a firm in Topeka.

The difference matters, especially since the way this tax code revision is written, it could, theoretically make off-shoring slightly more expensive for U.S. companies, with the extent of the increase depending on the tax rates of the country the jobs go to. (For countries like Ireland, which the president mentioned, the corporate tax is as low as 12.5%. In India, the corporate tax for foreign companies can actually be higher than the U.S.’s – as much as 44% in some cases. )

But its impact on outsourcing? As far as tax experts - and the Indian IT industry has a lot of them – can figure out? Nada. Zilch.

The change, as best as I can understand from speaking to both U.S. and Indian tax experts, will reverse a Bush-era policy where U.S. companies were able to “defer” paying corporate tax on income earned overseas until they brought it back to the U.S., either as dividends or as retained profits on their balance sheets. They got a tax credit for whatever tax they paid overseas already, and paid the difference to the U.S. Government.

Now, if the change goes through, U.S. companies must pay U.S. corporate tax immediately, but will continue to get that credit. Keeping in mind that companies spend a lot of money figuring out loopholes and deductions to keep their tax rate low, the difference between U.S. and Indian corporate tax rates is pretty low already – no more than a few percentage points.

So first, the offshoring company continues to save a huge amount of money due to wage differences, and then, it pays a marginal amount of extra tax because of this change. That’s not going to be enough to stop offshoring, at least to India. After all, IBM didn’t hire nearly 75,000 employees in India to save tax dollars – it hired them because they cost as little as 1/5th or 1/6th of their American counterparts and often produce the same quality work.

Instead, says Rosanne Altshuler, a co-director of the Washington, D.C.-based Tax Policy Center, this change to deferrals policy might just encourage companies to merge with foreign multinationals, or move their headquarters overseas so that they fall under a different country’s territorial tax system. “This takes the former U.S. MNC’s foreign income out of the reach of the U.S. Treasury,” she says. “I don’t see how the change will increase jobs at home.”

As far as outsourcing goes, which arguably has resulted in a large number of jobs being created in India instead of the U.S., the impact is even less. The U.S. subsidiaries of Indian companies like Infosys or TCS do have some earnings in the US or from non-India based operations but the bulk of the earnings – which add up to billions of dollars a year – are generated in India. So far, there is nothing in the Obama budget or even the statement from Monday that affects Indian outsourcers directly.

So why single out Bangalore? Well, for one reason, U.S. voters have always responded to the fear that the best American jobs could flee overseas, where wage differences are tempting and the young, trained labor pool is virtually limitless. Nobody ever lost a popularity contest by calling outsourcing or offshoring bad names.

The other reason? Well, it’s just likely that Obama isn’t done yet. He had made outsourcing an election issue, and has brought it up repeatedly since he got elected. Even after this bill is done, he has promised further tax reforms, where there could be a more direct attack on outsourcing.

For now though, Indian outsourcing giants are waiting to see what’s next. So far, they’ve heaved a sigh of relief.

No Jobs for Indians in US

Last November, Abhimanyu Gupta, an MBA student in New York University’s Stern School of Business, was on the top of the world when he landed a job offer from Bank of America’s investment banking division. This February , he felt right at the bottom of the abyss as the bank withdrew the offer and Mr Gupta’s world crashed just like the global markets.

Now, the 27-year-old chartered accountant, who left Mumbai in 2007 to become an investment banker in the world’s financial capital, plans to return home if he doesn’t get an offer by June when his course ends.

With five months of recruitment time gone, Mr Gupta concedes that his chances of finding similar job in the US, which is battling the worst downturn in decades, are bleak. His chances are as bleak as hundreds of other Indian and foreign national students across top universities in the US, UK and other western economies, who now plan to go back home.

The Harvards, Whartons, NYU Sterns, Kelloggs, MIT Sloans, Michigans and Dukes the dream destinations of students till the other day — no longer guarantee top-dollar jobs. One year of downturn has turned the students’ world upside down.

According to a recent study by the University of California, Berkeley, almost 84% of Indian students and 76% Chinese students in the US think it will be difficult to find a job in their field in the country.

Even lenders are tightening the noose on international students. First-year MBA students, who were relying on loans from US banks to fund their second-year expenses, are in trouble because the banks have stopped lending to international students without co-signers .

According to some students, the Obama administration’s move to put visa restrictions on companies accepting Troubled Asset Relief Programme (Tarp), a bailout fund set up by the government to help US companies come out of the downturn, too, has hit international students’ prospects there.

Now, most Indian students in the West are betting on their home country. “Not getting an offer there, they are looking homewards. Given the economic

health of the US, India seems a better option right now,” says Birla VXL chief restructuring officer Brijtendu Sarkar, who did his MBA in general management for senior professionals from London Business School last year.

The US has been in recession for 18 straight months now and has lost 5.1 million jobs so far. The world’s largest economy shrunk 6.1% yearon-year in the first quarter of 2009, following a 6.3% decline in the last quarter of 2008. A recovery is unlikely before the end of the year even in a best-case scenario.

Indian economy, which has seen a slowdown after growing at over 9% for three years, is still expected to grow at a healthy pace of 6-7 % in the current fiscal. India and China , the other emerging giant, are expected to bounce back faster and drive a global recovery.

In fact, according to the University of California study that surveyed 1,224 foreign nationals from India, China and Western Europe, almost 86% Indian students and 74% of Chinese students believe their home countries’ economies will grow faster in the future than they have in the past decade. Most students coming back home are scouting for openings in sectors where they came from, as switching industries makes it difficult to get jobs. Some are approaching their seniors settled in India. Mr Sarkar himself has got three such requests.

According to Mr Sarkar, a number of Indian students in his batch read the signs early and returned home last year, to be lapped up by a booming Indian industry. Now they are helping their juniors search jobs in Asia, he adds.

While it may be easier for these students to find jobs in India, salaries here are not very attractive for most of them who are sitting on huge education loans. An MBA in a top western university costs anywhere between Rs 40 lakh and Rs 60 lakh. Also, many Indian students in the US are married and have families to support.

Convinced that a job in India won’t earn them enough to pay off their debt and support families, some students like Arihant Chowdhury (name changed) are delaying their degrees to buy time.