H1b

Tech Stocks Plummet, Nasscom Says It’s A Challenge For Indian Firms

... IT companies were the top users of H 1 B visas issued by the US, with TCS at the top with 4,674 new visas for its employees during the year. Analysts also said Indian software companies could be forced to weigh in the option of hiring locally in the US to control additional costs. “From the Indian companies’ perspective, it could mean that the wage limit will have to be doubled, but from a US company’s point of view, it could mean that shortage of talent could be there. I think Indian companies are still looking to see how their projects are impacted, but one of the options they may be forced to look at could be to hire more local talent in those countries,” said Surabhi Marwaha, Tax Partner, EY India, adding that companies will have to do a cost-benefit analysis of creating a mix of on-site and off-site hiring for US clients. Another alternative, as suggested by an analyst, is a move towards automation of software services. “Overall sentiment on the Indian IT companies of this would be negative, but one alternative going ahead for them could be resorting to ...

Sensex Falls 194 Points As Economic Survey Projects Lower Gdp

... oil and gas (1.64%), PSU (1.39%), healthcare (1.38%), infrastructure (1.31%) and metal (1.01%) all turned weak. Selling activity also extended to the broader markers, with the BSE midcap falling 1.10% and the smallcap 1.03%. According to provisional figures, foreign investors bought shares worth Rs 607.36 crore on Monday. There were a few that went up cushioning the fall, which include ITC, Power Grid, Bajaj Auto, ONGC and HDFC Bank. In Asia, most markets were closed on Tuesday for a public holiday. Japan’s Nikkei ended lower by 1.69%. European markets, however, were trading higher as major indices in France, Germany and the UK moved up. The benchmark Sensex dropped and the NSE Nifty slipped below the 8,600-mark on Tuesday as participants kept their bets to a minimum tracking the Economic Survey due later in the day. Besides, weak global cues tempered the mood. The 30-share index was down with IT, auto, technology, metal and PSU trading in the negative ...

H1b-industry 2 Last

... to those companies which have 50 per cent of their workers on H 1-B, "leaving a loophole that nullifies the strategic purpose of protecting American workers". Gartner Research Director DD Mishra said the IT companies are already working on a highly optimal onsite presence. "There is very little room to manoeuvre and optimise it further other than replacing it with locals. The risks to the IT services sector include an increase in cost per professional, more local hiring and a disruption in service continuity, which may have a negative impact on profitability of companies that are visa-reliant," he told PTI. Availability of key skills will be limited as well and it will have an impact on wage and productivity which some IT companies are worried about, Mishra added. Meanwhile, shares of TCS plunged by 5.46 per cent to touch an intra-day low of Rs 2,206.55 on BSE, while Infosys lost 4.57 per cent to Rs 905 and Wipro was down by 4.11 per cent to Rs 445.55. While the prospects of a ...

Restrictions On H1b Visas Is Bad News; We Can’t Target 8-10% Growth If Globalisation Is Reversed

... about this, I still don’t have enough evidence, we will have to see. Nobody can say because the evidence has not come in. What is your view on review of the Fiscal Responsibility and Budget Management (FRBM) Act. In the survey, basically what we have said this time is that if you look at India’s fiscal history, we have had two problems, what I call the flow problem – which is that you spend too much during booms and you expand during downturns, and then you don’t correct it back enough, and in both instances of crises this sort of action preceded. So we need to have ways of checking spending during booms and also checking how much counter cyclical policy we need to do. So whatever we do, we should have those rules, we should respect. The second is that, we have been cutting debt quite a bit but in the last 3-4 years, debt has started rising again and so how should we (grow) because I think for a country like ours maintaining a ...

Recent Changes To The H1b Visa Program Are Still Favorable

... become current, there are times where the petitioner’s business closes for valid reasons resulting in revocation of the immigrant visa petition. With the recent amendment to the regulations, the USCIS will no longer treat an immigrant visa petition as automatically revoked based on withdrawal by the petitioner or termination of the petitioner’s business. This change applies to those whose petitions have been approved for 180 days or more. Hence, for some employers who may have malevolent plans of getting back at their employees for moving to another employer, there will no longer be an automatic revocation. The USCIS set conditions for the non-automatic revocation to apply. The rule clearly states that as long as the approval has not been revoked for fraud, material misrepresentation, invalidation or revocation of a labor ...

Indian It Anxiously Awaits Trump's Verdict On The H1b

... program that has been heavily criticized by US government watchdogs for failing to protect American workers' rights. Trump's team will also not disclose whether his wife Melania was on an H 1 B - she has admitted to being on a visa - in the 1990 s when she was modeling in New York. Nevertheless, what matters here is Trump's inclinations within the tech firmament. What seems interesting about Trump's role at the meeting was his apparent interest in potentially architecting the best solution for all - dramatically different from his rhetoric on the stump. He was apparently keen to gauge whether one of the proposals on the table during the meeting that aimed at boosting the application fees as an effective way to thwart bulk filing of the visas was acceptable or not by the CEOs, to which they said that they had no objections. Reuters mentions that one of its sources at the meeting "didn't think that the president was hostile to H 1 B visas," which is a dramatically different message to what was thought of last year. A LONG HAUL. Meanwhile, most legal experts say that while some tweaks and minor tinkering can be done to the existing H 1 B process, ...

Silicon Valley Lawmaker Introduces H-1b Reform Bill

... each country. Lofgren's bill would eliminate that. She believes that would take some of the pressure off the H-1 B program. Related: Trump's regulatory freeze: What happens to 'startup visa alternative'. There's a huge backlog for visas from Indian and Chinese nationals due to country quotas. As a result, many stay on H-1 Bs while they wait. Because H-1 Bs are tied to employers, it is difficult for these workers to change jobs. Vikram Desai, vice president of nonprofit Immigration Voice, estimates there are 1.5 million of those workers in the U. S. He says Lofgren's bill would help them get visas sooner, giving them more job mobility. Lofgren, who introduced the bill on her own, would need bipartisan support for her bill to have any chance of success. A separate bill, introduced last week by Representative Jason Chaffetz, a ...

The H-1b Visa Issue Explained

... order is set to target specific work-visa programs, according to a report from Bloomberg. Trump has called the temporary nonimmigrant H-1 B visa program, which allows foreigners with advanced degrees to be employed here, "a cheap labor program." Critics of the program say companies are replacing Americans with people hired from abroad, mainly young Indians with computer skills willing to do monotonous work for less pay than their American counterparts. Trump has promised to protect American trade and bring back jobs, but he also wants to make sure American jobs are not being stolen with the nation's own visa program. But the solution isn't as simple as cancelling it altogether. (See also: Trump Executive Orders ). Many tech giants rely on foreign talent. According to the Bureau of Labor Statistics , employment in the computer and information technology ...

Bill Targeting H1b Visas Reintroduced In Us Congress

... Darrell Issa and Democratic Congressman Scott Peters. "Curbing abuse of the H 1-B system will protect American jobs and help ensure that visas are available for innovators who need them to maintain a competitive workforce," Peters said in a statement. The bill comes after companies such as Disney and Southern California Edison have come under fire for outsourcing their IT operations to Indian companies. Issa had previously introduced this bill in July but it had failed to pass. The US media reported that another US Congresswoman plans to introduce another bill to regulate the use of the visas, which would allocate the limited number of the work permits to companies that would pay the most, rather than on the lottery model currently used. The 'Protect and Grow American Jobs Act' has ...