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US economy could save $11 B by offshoring to India: Nasscom
NEW DELHI: "Savings to the US economy by offshoring to India could be $10-11 billion in 2003-04. In fact, the total benefits to the US economy including savings, hi-tech imports from US to India, contribution by Indian IT professionals to US social security is projected to be about $16.8 billion", Nasscom said in a study.
On the proposed bills banning outsourcing to India by certain states in US, Nasscom president Kiran Karnik said that there would be no immediate impact as these outsourcing bills have just been introduced and would need to pass through various stages in order to become laws.
He, however, pointed out that the visa issue was a matter of "great concern".
"Any reduction in the number of visas will have an impact on the industry only in 2005-06. The increased trends of more projects moving offshore will also offset impact if any," Karnik said.
By September 2003, the number of H1B visas would fall to 65,000 again after being raised to 1.95 lakh earlier.
He said that Nasscom would work closely with the Government on some of these issues.
"These outsourcing and visa problems are issues we will have to learn to live with and take care of," Karnik said.
He said that outsourcing work to India, translated into substantial saving for the US companies.