US H1-B visa assurance should end speculations-IACC Chief

Welcoming the reported news in certain sections of the newspapers and news channels that the US immigration officials have clarified that they are not contemplating any regulatory changes that would compel the H1-B visa holders to leave the United States after six year limit, Vasant Subramanyan, National President, Indo-American Chamber of Commerce (IACC) said, " This assurance by the US authorities should put to rest all speculations and rumors that caused panic in the minds of people having short term work permits."

In a statement issued today, the IACC President said the unprecedented cordial and diplomatic relationship between India and the United States, two largest and oldest democracies in the world, can address many issues and find amicable solutions in a spirit of "give and take."

In a dynamic economic engagement, there can be many challenges and "wish lists" that may haveto be addressed. "I am surewhateverbilateral issues that are awaiting to be resolved will merit the active consideration of both the administrations. IACC through its membership strength and advocacy will work towards creating a conducive environ to address such issues, be they relating to India's or US's wish lists or concerns," he added.

Subramanyan said that the Gresham's law in economics, which says that bad money drives good money out of circulation, is also applicable in the bilateral economic engagement in the sense that progress in bilateral economic relations at times get smarred by certain challenges. In the last few years, the bilateral economic relations between the two countries have been at its best. Trade has increased. Investments have picked up substantially both in terms of quantum and quality. Technical hand-holdings are its record high. Yet, these positive developments may become obscure when irritants and challenges crop up, such as the H1-B visa or any other issue that may have to be addressed by the political administrations, which have to take a balanced viewin a dispensation where politics and economics cannot be segregated all the times, he added.

Subramanyan said that the IACC will work towards putting some of these positive developments in the bilateral relations in the public domain.

"That will form part of the Golden jubilee celebrations of IACC. Ours is the only apex bilateral chamberthat are having membership of both Indian and the US corporations, set up by the initiatives of businessmen from both countries. Our views, perceptions and tenor of advocacy are balanced, keeping in view legitimate business interests of corporations from both sides," he pointed out.