US President Donald Trump on Monday signed an executive order restricting federal agencies from contracting or subcontracting foreign workers. This is hurting Indian IT professionals who work in the US on H-1B visa.
H-1B is a non-immigrant visa that allows US companies to temporarily employ foreign workers in specialty occupations. A specialty occupation requires specialised knowledge and a bachelor's degree or equivalent work experience in areas such as information technology (IT), finance, accounting, architecture, engineering, mathematics, science, medicine, etc.
Speaking of the market's reaction, IT stocks slipped today. All the Nifty IT index declined nearly one per cent. Among individual stocks, Tech Mahindra traded over 2.5 per cent lower while HCL Tech and L&T Infotech were down over 1.5 per cent.
Trump said "H-1B should be used for top highly paid talent to create American jobs, not as inexpensive labour programmes and destroy American job."
One of the participants present during the signing of the order told the president that as many as 70 per cent of the H-1B visa goes to people from India. Trump said he favours a merit-based immigration system that brings in high-skilled people that creates jobs inside the US and not take jobs of Americans.
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