TOUGH Day for Indian IT Stocks, lose 33,000 as US preparing to impose restrictions for H1B Visa
Washington: It was a turbulent day for the Indian IT stocks companies as Trump administration is planning to squeeze the immigration, by targeting the foreign guest worker visa program. It was havoc in the multinational corporations and a rebellious behavior from the US government circles.
The grip of Trump administration is evident, as they are first targeting a decree, that restricted travel and refugee from seven Muslim nations and now it is turn for the H1B visa.
For years, technologies companies in both US and India have been providing visas to bring in the skilled talent from India to US, in order to provide effective route for the Indian students and professionals but now if the restrictions are imposed on H1B visas, then it is going to be the tough task.
“It is the part of larger immigration reform effort that the President will continue to talk about executive order and through working with Congress,” White House spokesperson Sean Spicer said on Tuesday.
Ironically, around 60 % percent of the IT revenue comes from US and IT companies lost 33,000 crore in first day single day, it was completely due to the cloudy situation that was engulfing US regarding Visa restrictions.
India has already conveyed its concern over the H1B Visa restrictions.”India’s interest and concerns have been conveyed both to US administration and US Congress at senior levels” MEA spokesperson Vikas Swarup said on Tuesday.
The reaction is yet to come…