Indian IT Industry is looking forward to work with the new US administration. On Sunday, Nasscom welcomed Joe Biden’s win in the US Presidential election and said that the Indian IT industry will love to work together in pivoting technology, skills, and digital transformation for the US. The US is the biggest market for the Indian IT sector, accounting for a lion’s share of the industry’s revenue.
In a tweet, it said that “NASSCOM congratulates US #[email protected] Biden on his win. We look forward to working with him and his administration in pivoting technology, skills, and digital transformation for the United States.”
Nasscom has projected revenue growth of 7.7 percent at USD 191 billion for the IT sector in the ongoing fiscal. The industry has added a net 2 lakh jobs, taking the overall workforce to .36 million. Indian IT sector players will keep a close watch on Biden’s approach; and policies related to H – 1B work visas that; are used by a large number of Indian technology professionals.
In June, during the COVID-19, US President Donald Trump banned; entry into the US of workers in several key non-immigrant; visa categories, including H -1B, until the end of the year, arguing that they eat into Americans jobs. Those affected include the family members of the H -1B, L – 1, and certain categories of J1 visas.
Later, the Trump administration announced certain exemptions in H -1B; and L -1 travel bans for those continuing employment with the same employer; a move that could help Indian IT professionals and those working in the healthcare sector. The H -1B visa is a non-immigrant visa that allows US companies to employ foreign workers in specialty occupations that require theoretical or technical expertise. Companies depend on it to hire tens of thousands of employees each year from countries like India and China.
In a statement, Nasscom said its member companies have an important history in the US, “…they work with over three-quarters of the Fortune 500 companies in the US providing them vital technology services and helping them innovate, compete, and grow.” The industry body also noted that India-US bilateral trade increased by over 400 percent since 2005, with the total increase in value from USD 37 billion in 2005, to USD 149 billion in 2019, and those technology sectors of both countries have played a critical role in driving this.
Nasscom said, “The Indian technology industry makes critical contributions to the US economy and workforce, including local investments and job-creation, workforce development and upskilling their US employees, CSR and community service.” It added further “Nasscom looks forward to working together with the new US Administration, to find solutions to the STEM skills gap, and enable America to be more competitive, to grow and create more jobs.”