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Immigration Bill Giving 'Sleepless Nights' To Indian IT
"Our prime minister (Manmohan Singh) took up this issue with Barack Obama. This issue has also been taken up with the U.S. Secretary of State and Vice President Joe Biden and has been discussed at various Congressional levels. The businesses in the U.S. are separating us ... But I would still lose sleep," Mittal said.
Last year, Nasscom hired influential lobbyist, public relation and law firms to plead the case of Indian firms with Congressmen.
Indian software-export giants like TCS, Infosys and Wipro rely on visas to send employees overseas to service clients in the U.S., its biggest market. U.S. contributes 65 percent of the revenue of these firms.
The proposed legislation also requires firms to dilute their visa dependent workforce over the next few years, a move that will force Indian companies to hire local talent, thus affecting their revenues. If passed in its current form, the Bill could hurt the margins of the Indian IT sector.
Read more:
U.S.-India Ties To Keep Growing Despite Elections
Indian Diplomat In New York Arrested For Visa Fraud
Source: PTI
