TNI Bureau: US President Barack Obama might have thanked Almighty, the Americans and the supporters of the Republican challenger Mitt Romney Mitt Romney to continue in the president office for next five years, but his victory may not be the best news for India or the IT outsourcing industry, according to iGate CEO Phaneesh Murthy.

“Not the best news for India or the IT outsourcing industry. However, we need to understand how much of the election rhetoric continues into 2013 and that will determine the full implications to us,” Murthy said.

The business giant thinks the job crisis will still continue in the US and the sluggish economy will remain same.

Obama might have promised to create more jobs for Americans and follow strict rules to protect the livelihood of the US citizens, but the situation may not improve in the coming days.