Curbs on H1B Visa Likely to Hit Indian IT Cos
Rostow Ravanan, CFO, MindTree Consulting (MINDTREE), said the curb on H1B visas by the US may hit Indian IT companies, if US amendment becomes policy.
"The government in the US is clearly worried that the economic recovery will require a lot of job creation. In the past you had economic recoveries, which were like zero job growth based. But now they are worried that the stimulus packages they are implementing will not be useful unless it’s backed by a job recovery. Clearly, the US is worried that the influx of foreign employees would not create job growth for Americans," he said.
Senators Sanders and Grassley have introduced the amendment requiring bailout for banks to hire only Americans for two years. The amendment comes in the wake of fears that the banks being bailed out from tax payer money would outsource more work to low-cost countries
Currently, the top 10 H1B visa list is made up largely of India-based firms like Infosys and Wipro. Banking, Financial Services and Insurance (BFSI) segment contribute nearly 40% of total revenue of Indian IT firms
Deadline for companies to request petitions for new H1B visa is April 1.
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