"We will have to look at the details as to what is being proposed. We hope that nothing will be done by the US government which will adversely impact the ongoing partnership, particularly in the technology sector," Sharma told mediapersons at the NASSCOM leadership summit in Mumbai.
He further said, "Without getting into the specifics, I would say that it is expected that governments, nations and leaders is to bring down the existing trade barriers and not allow new barriers of protectionism to come up, which will be counter-productive for the global economy, as they deepen the recession and delay recovery."
On the impact of the proposed measures on the IT sector, which draw nearly half its income from the US markets, Sharma said, "We have conveyed our concerns clearly to the US and we shall continue to do what is expected of us to ensure that our IT industry grows from strength to strength."
On Tuesday, US President Barack Obama, fighting hard to reduce historically high rates of unemployment in a weak economy, said: "...the American people deserve a tax code that helps small businesses spend less time filling out complicated forms, and more time expanding and hiring."
"...a tax code that lowers incentives to move jobs overseas, and lowers tax rates for businesses and manufacturers that are creating jobs right here in the United States of America. That's what tax reform can deliver. That's what we can do together," he added.
The US contributes to 59 percent of the total outsourcing business in India and the largest chunk of the outsourcing business is in the IT sector. Manufacturing industries constitute 9 percent of the total revenues generated from the outsourcing boom in India.
Addressing the NASSCOM session, Sharma further said that professionals must be allowed to meaning fully engage with companies. "Historically protectionism has always been counter-productive."
"Artificial barriers at a time when the global economy is challenged only delays the recovery process. To ensure there is economic activity, trade and movement of talent it is sensible to step out and engage more to bring about change," the minister said.
He also said that enhanced economic engagement, investments and manufacturing were the way forward for nations to grow and not protectionism.
On concerns with European Union in the forthcoming FTA, the minister said the government will not accept anything if India was not accepted as a data-secure and data-adequate country.
On whether FDI in retail will be extended to online retail also, he said: "We have not taken any decision on that; currently it is not allowed. What we have allowed is B2B. The real FDI is the one that leads to job creation and infrastrucure-building."
He also said the officials of the world's larges online shop Amazon.com had met him recently.
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