New Delhi: Welcoming US President George W Bush's second term in the White House, industry bodies today (Nov 4, 2004) said it would further strengthen Indo-US trade and economic ties.

FICCI (Federation of Indian Chambers of Commerce and Industry) expects continuity of US policies towards India and further improvement in Indo-US relations, its president Y K Modi said in a statement in New Delhi.

Assocham (Associated Chambers of Commerce and Industry) president M K Sanghi said the bilateral economic relations would further be cemented to enable industries from both nations to collaborate intensively in areas of mutual interest under George Bush's Presidency.

Welcoming the re-election, PHDCCI (PHD Chamber of Commerce and Industry) president Ravi Wig said, "No matter who comes to power, assurance of political stability and continuity in the world's largest economy is always preferred from Indian industry's point of view".

He hoped the much-hyped issue of outsourcing, a non-issue as far as individual businesses in the US are concerned, would now take a backseat.

Domestic BPO industry would not only continue to flourish as usual, but also pick up on increased momentum under the new administration, Sanghi said.

Modi said FICCI hoped there would be further modification of export licensing policy to encourage cooperation in civil and space programmes as also Defence sector.