New US Administration is Expected to Open Various Opportunities for Indian IT Sector
On welcoming Joe Biden’s victory in the US Presidential election, Nasscom has announced that the Indian IT industry is looking forward to work with the new administration in pivoting technology, skills, and digital transformation for the US.
The US being the largest market for the Indian IT sector, accounts for a lion’s share of the industry’s revenue. Nasscom has estimated revenue growth of 7.7 percent at $191 billion for the IT sector in the ongoing fiscal. Thus, the industry adds about two lakh jobs, making the overall workforce reach 4.36 million.
In its tweet, Nasscom has congratulated Joe Biden’s win in the US Presidential election and has expressed its interest in working with him and his administration in pivoting technology, digital transformation, and skills for the United States.
Previously, US President Donald Trump had put a ban on the viva restricting the entry of several non-immigrant visa categories like H-1B, L-1, J1, and more until the end of the year, claiming that they eat into American jobs. Now, post-Joe Biden’s win the Indian IT companies are keeping a close watch on the new administrations’ approach and policies related to H-1B work visas that are utilized by a large number of Indian technology professionals.
The H-1B visa is n non-immigrant visa that permits US companies to hire foreign workers in specialty occupations that demand theoretical or technical expertise. Furthermore, the organization depends on it to employ tens of thousands of employees each year from other countries like India and China.
In a statement, Nasscom says, "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." It further adds, "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 services."
However, the industry body has also noted that the India-US bilateral trade has raised by more than 400 percent since 2005, with the total rise in the value from $37 billion in 2005 to $149 billion in 2019, alongside the technology sectors of both the countries are also playing a critical role in driving this.
In his tweet, BVR Mohan Reddy, Executive Chairman, Cyient, termed it as a "historical day" says, "I feel proud to see the glass ceiling shattered and many barriers are broken. Here are too many new paradigms of collaboration, inclusion, and unity."