"This is a good development for India. Between two large economies there will be issues and concerns. Outsourcing is also a concern and I hope it will be addressed soon," Godrej Group Chairman Adi Godrej told reporters on the sidelines of the World Economic Forum on India here.

Expressing similar views, Bharti Group Chairman Sunil Bharti Mittal said: "It is on expected lines but there was some heat reported in the last few days. I think it will be good for India. There will be continuity."

When asked about concerns over outsourcing he said: "I have heard this in the previous election. We saw Mr Clinton go very heavy on outsourcing and we did not see anyone of these impacting our outsourcing business or relationships."

Obama has won a second term in office overcoming a stiff initial challenge from his Republican challenger Mitt Romney.

During the presidential campaign, Obama had criticised outsourcing of jobs to countries like India saying that US needs to create jobs locally.

The US and European markets account for over 80 per cent of revenues of the Indian IT industry.

However, NIIT Chairman Rajendra S Pawar said that with the election, the rhetoric is also over and "we are back to business. It is good for America and Indian IT sector."

BPO industry veteran and former CEO of Genpact Pramod Bhasin, however, said the issue of outsourcing was more than a plain election rhetoric.

"I think there will be greater implications as he (Obama) focusses on issues like unemployment. I just hope he remains true to free trade and all the other things that he talks about so well," he said.

Biocon Chairperson Kiran Mazumdar Shaw said she hopes that the "outsourcing rhetoric will die (down)", and Obama's re-election will be good for the Indian pharmaceutical sector.

"It will be positive for affordable healthcare in generic drugs (segment). In the US, over 75 per cent medicines are generic. So Indian pharmaceutical sector is going to gain in the US. It will continue to augur for the Indian pharma sector," she said.

Shaw said the win gives Obama another opportunity to push the reforms and decisions which he could not do in his first term.

Offering a different perspective Bajaj Auto Chairman Rahul Bajaj said: "Mitt Romney would have been better for India as they are little bit open. Obama is more protectionist and we hope that it will change."

Jindal Steel and Power Ltd Chairman Naveen Jindal said Obama has a lot of rebuilding to do to drive the economy as well as handling the situation after the superstorm Sandy.

On outsourcing, he said: "These issues will take time to settle down. They have reason to oppose against outsourcing and that will take time to rectify. I am optimistic about India-US relationship. Both the countries have respect for each other."

Infosys Executive Co-Chairman S Gopalakrishnan expressed the hope that normal business course would resume with Obama's re-election, which provides continuity.

"It continues to provide an opportunity for us to work with the new administration. So, as a country, we should look forward... There is a shortage of skilled people (in the US). So the normal course of business would revert," he added.