H-1B Visa Reform Hits Indian Billionaire

Posted on: 13 Apr 2017  |   Tags: H1B visa news , immigration news , latest USA visa news ,

It is nearly impossible to overemphasize the usefulness of the technological sector to the nation of India. In the last thirty years, the information technology sector in the country has been the main drive behind the economic boost the nation has experienced. It has been a source of employment for hundreds of millions of people and made nearly ten individuals billionaires. Presently, with the new order passed by the current president of the United States, Donald Trump, the sector is at risk of being distorted from its usual position of strength. The government is assuring its people of making the process of permit application strict than it is now, in its bid to make sure its citizens get more jobs than foreigners. Since the Trump administration took over power, it has made moves to alter the current state of the permit, and that has seen many of India’s tech billionaires lose a little fortune. That has affected the fifth and sixth richest men in the country as their shares have declined in value in the last few weeks. A lot of billionaires in the country have also seen their value drop as their share indexes drop. The stock value of information technology companies dropped around 3%. “What is making companies scared is the thought of these changes just being the beginning of more damming changes to come,” a researcher told news reporters. A company in India, Infosys, may just be the most vulnerable to the decline. The firm is at this peril because it has the least number of American employees in the United States, a research result made known to journalists stated. Also, Wipro and HCL also are at risk due to the permit alteration in the country, even though they employ more American nationals. The firm is providing investors an opportunity to know more about the difficulties it is experiencing and also the way forward from the hole they find themselves. The discussion for some time now has been about the H-B permit scheme, which provides the avenue for Indian nationals in the technology sector to come into the United States every year. Annually, the number allowed is 85,000. While firms were preparing to requests for more employees for the following year, the government of the day made public some new policies that would ensure that it becomes even harder to get a permit for employees, especially in the computer programming section. It also provided its tactics to target fraud in the system.  

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