Blow for Indian IT: New US bill proposes doubling wage limit for H1B visa

New bill at US House of Representatives mandates minimum wages of H1B visa holders at $130,000

India's information technology (IT) sector will face temporary setback to move workers from India to the US with the bill introduced in the US House of Representatives that mandates minimum wages of H1B visa holders at $130,000, double the current limit.

IT stocks reacted negatively on the Bombay Stock Exchange as investors panicked over US President Donald Trump plans to keep his electoral promise of imposing tougher immigration rules on the H1B visa plans.

“This is a significant blow to the Indian IT sector. There will be ramifications of it from both the US and India. This bill should ideally