The US H-1B visa is a non-immigrant visa that allows US companies to employ graduate level workers in specialty occupations that require theoretical or technical expertise in specialized fields for a certain period of time. US congress has brought a bill which include the provision of recruiting more of Americans. The bill seeks to increase the minimum salary of H1-B visa holders from $60,000 to $1,00,000.
It is certainly going to affect Indian companies in big way with the announcement of the bill coming , the stick prices of the Indian IT firm took a big slide. It will escalate the cost of hiring for US companies and Indian companies. This escalation will force companies to look for local hiring. Remittance and on site employment for Indians will decrease. This H1B Visa issue is an extension of growing protectionism, especially in developed countries. This is anti to the free market and globalisation fundamentals and is going to hurt the Indian economy.
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