Majority of IT companies of India rely on H-1B visas for gathering revenue for their business. Now a bill stands in the way of preventing Indian companies from employing IT professionals on H1 B visas.
According to Congressman Pascrell, “America is producing many skilled, high-tech professionals with advanced degrees and no jobs. By in-sourcing and exploiting foreign workers, some businesses are abusing the visa programs and undercutting our workforce to reap the rewards.”
Formalizing of this legislation, may affect the outsourcing companies who used to avail H-1B visas for their employees, thus reducing the business and revenue of the IT companies.
Nasscom, the IT industry body’s Chairman, CP Gurnani, tried to dispel the insecurity caused by the restrictions imposed on the issuing of the H1B visas and he stated “Such visas will not be any showstopper in this era of technology.”
He highlighted the fact that this was a mere tool that was utilized to deliver services and products by the companies and the restricted issuance of the visa does not deter technology in any way. He stated, “The companies and the US Senate can be at odds with each other. The US corporations realize that 70 per cent of their work were being outsourced from outside.”
Reports also confirm that “Nasscom jointly with McKinsey has forecast that IT revenues by 2025 would touch $250 billion,” which is a “whopping-up” in the business. Confirming that visa costs are also on the rise, Mr, Gurani stated that almost 65% of IT revenue collected by Indian companies hails from US.
He assured that Nasscom would be contacting the US administration with an appeal that business should carry on as usual between the two countries, as buying technology was basically in the interest of US.