Another legislation seeks to bring down the number of H-1B visas from the current 85,000 to 70,000 a year.
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While the specific provisions of the spending bill have no mention of Indian IT companies, the provisions have been made in such a way that it would mostly impact Indian IT companies.
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US House of Representatives on December 18 passed an omnibus bill to fund the federal government that makes hiring of highly skilled foreign workers on H-1B and L-1 visas substantially expensive.
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Expecting that this provision will generate more than $1 billion a year, the bill says that after $1 billion is deposited for 9/11 first responders and the biometrics system, the rest of the money will be deposited in the general fund of the treasury.
The United States is set to pass a bill named the “9/11 Health and Compensation Act” and Indian IT companies are mad as hell about it. The hike is for a period of 10 years, although earlier provisions for hikes in visa fees were for five years.
“The Prime Minister shared with President Obama the considerations of the Indian IT business and professionals on the proposed laws within the US Congress relating to T-1B and L-1 visas”, in accordance to the Prime Minister’s Office. If approved, the Bill, could shave of a neat $400 million per year from the revenue our homegrown firms earn. Given that, the new punitive measure is expected to raise between Dollars 1.4 billion and USD 1.6 billion every year for the next one decade.
These hikes are meant to fund continued healthcare for first-responders impacted by the 9/11 terrorist attacks and biometric entry and exit monitoring system.
Narendra Modi expressed his concern over the move when US President Barack Obama spoke to him on Wednesday.
It is also more than a little politically convenient in the circus to the US elections to pillory outsourcing; and somehow stick India with paying the bills by increasing the cost of H1-B and L-1 visas. Mr Murthy further said, “These are issues that need to be discussed and I have no doubt at all that value of Indian IT services industry is so high to the U.S. corporations that some of these issues will not come in the way of the growth of the Indian IT industry”.
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The USD 1.1 trillion spending bill includes USD 548 billion in defence spending, USD 518 billion in non-defence spending, and USD 73.7 billion in additional funds for the Pentagon for ongoing combat operations.
