As USPresident Barack Obama vowed to eliminate tax benefits for American firmsshipping jobs to foreign countries, India has said it is against anyprotectionist move as it would affect its IT industry.

"The IT industry will be affected due to the impact of financialmeltdown...Substantial number of Indian workers are there..We will have toaddress this issue...We are opposing protectionism, not only here but at everyforum," Finance Minister Pranab Mukherjee told Karan Thapar in aninterview for Devil's Advocate to be telecast on CNN-IBN.

"We can't just go for country specific solution for such problem...Issueis that our IT industry will be affected," he said.

Mukherjee added that the protectionism of any kind at this time should beavoided and Prime Minister Manmohan Singh also made it quite clear at G-20meeting last year.

On February 26, Obama in his maiden budget speech said the US government woulddo away with tax breaks for firms outsourcing jobs to overseas destinations,including India. At the same time, the administration would be providing taxrelief to 95 per cent of American working families.