India today told America that it was not stealing jobs there, while US President Barack Obama said he had not made a "boogeyman" out of outsourcing, an issue on which he's facing pressure at home.

Addressing a joint press conference with Prime Minister Manmohan Singh on the last leg of his India visit, that comes shortly after his Democratic party suffered poll reversals on unemployment and other economic issues, Obama said that USD 10 billion worth deals signed with India would create 50,000 jobs in the US.

"...when I go back to the US, a part of the reason that I advertised these 50,000 jobs is I want to be able to say to the American people when they ask me why are you spending time with India when they are taking our jobs.

"I want to be able to say they actually created 50,000 jobs and that's why we should not be resorting to protectionist measures. We should not be thinking that it's just a one-way street. I want both the citizens of the US and India to understand the ties between the two countries," the President said.

Following him up, Prime Minister Manmohan Singh sought to assuage fears among Americans, saying "As far as India is concerned, India is not in the business of stealing jobs from the US. Outsourcing industry, I believe, has helped to improve the productive capacity and productivity of American industries."

To a pointed question whether America's concern on job losses due to outsourcing work to India were misplaced, Obama said: "First of all, I don't think you heard me make outsourcing a boogeyman during the course of my address in Mumbai."

He added that he had cautioned at a meeting of business leaders in Mumbai that both countries are operating on stereotypes that have outlived their usefulness and that the two had enormous win-win potential.

The US accounts for about 60 per cent of India's estimated USD 60 billion IT and IT-enabled services exports.

The deals that the US had struck with India would create jobs in the US, he said, adding that he was proud that US wanted to sell some of the high-tech products to growing Indian market.

He, however, pointed out that the same technologies would help grow Indian entrepreneurs, create jobs here and build up Indian infrastructure.

On his part, Prime Minister Manmohan Singh welcomed the decision by the US to lift controls on exports of US high-technology items and "support India's membership in multilateral exports control regime such as the Nuclear Suppliers Group.

"This is the manifestation of growing trust and confidence in each other."

Singh said India needed American assistance by way of capital export and would welcome American investment here.

"India needs an investment of more than a trillion dollars in the next five years for its infrastructure development projects. We need American contribution in fulfilling the ambition of ours."

Dubbing America as a home of 'high techonolgy', Singh said India needed technology to upgrade skills in both civilian and defence sectors, which would be a significant factor in strengthening of cooperation between the two nations.