The US lawmakers are pushing new attempts for restricting the visas for skilled overseas workers. And this has again become a big threat to some of the major IT companies of India.
The information from the Nasscom has revealed that the US Senator Ted Cruz is the most recent for taking the plan. He seeks to set the least salary for the visa holder at $1,10,000. And that is around one-third more than the average paid in the year 2013.
Other US Senators are seeking to slash the visa numbers that are made available every year by 15,000 to a total of just 70,000 and to prevent the firms that already had half their local employees on this visas from getting any further.
Such reforms had failed to pass in the year 2013. The latest proposals are not likely to get further in short term, but these types of limitations will be reason for worry if the Republican Party of the US won the next year’s presidential elections.
IT is a important Indian export. This sector made up over a quarter of India’s foreign trade. At around $69 billion, TCS is the most precious advertising listed firm in India.
According to RBI, the entire services of software accounts around $82 billion value of exports in the financial year that ended in the month of March 2015. The US market is significant; almost 60% of that statistics come from North America.
Previously, New Delhi had made it clear that any gust to India’s outsourcing industry will make the nation fewer receptive to assisting US firms that run into trouble in India.
Indian IT firms can make achievement for boosting their local headcount. High wages and less visas will hurt the other Indian IT firms too. The IT outsourcing companies of India would expect that the outlook of the pain which has been shared would be enough for keeping any repair at bay.