US Govt. Says No Changes In H1B Visa Policy; Indian Firms In Germany Generate €11 Bn Revenues
Understanding the panic, US Govt. has informed India that there has been no H1B visa policy change, and new regulations are still being worked upon.
Ever since Donald Trump became US President, talks of restricted H1B visa and tougher immigration laws have been the talk of the industry. IT Companies are actually downsizing, based on the reports that 1B visa for Indians would be curtailed, and such is the chaos that Indians are willing to pay crores to get the US Visa.
Now, understanding the panic, US Govt. has informed India that there has been no H1B visa policy change, and the regulations and new rules being proposed are still being worked upon.
Meanwhile, in a new report, it has been found that Indian companies in Germany has generated record € 11 billion revenues last year.
US Govt: No Policy Change For H1B Visa
During a media interaction in Kolkata, Acting Deputy Assistant Secretary for State for South Asia Thomas Vajda informed the nation that US Govt. hasn’t made any drastic, visible changes in the H1B visa issuance process, and things are same as before.
The event happened at Bengal Chamber of Commerce, where he reassured the business community that President Trump is right now looking at the proposed changes, but no actual changes have been announced or made as of now.
He said,
“(There is) no change in the law today for H-1B (visa) regime or system in the United States… President (Donald) Trump asked for review of the H-1B system…but no steps have been taken. Many changes in law, so many cases, require changes of legislation. But so far no legislation has been passed on H-1B. For the moment, the system remains as it has in the past..”
Among other major changes, US Govt. is considering increasing the minimum wage requirement for acquiring an H1B visa, a decision which can potentially impact 60% of all Indian IT techies working the US.
Almost Rs 26,000 crore additional expenses will be incurred, if US Govt. doubles H1B visa application fees, which is another major change that can happen.
Besides, another bill has been proposed which practically stops H1B and L1 visa hiring in the US, a move which can destroy the IT industry in India.
Is President Trump serious about ‘Buy American, Hire American’ slogan?
We will soon find out. But for time being, it seems US Govt. doesn’t want to change the status quo.
Indian Firms Generate €11 billion Revenues In Germany!
Meanwhile, a report and study conducted by CII–EY–Bertelsman Foundation Study has revealed that around 80 Indian companies operating in Germany have churned out revenues worth €11.4 billion, in 2016.
These 80 firms employ 27,400 employees in Germany.
Interestingly, 70% of the revenues generated belonged to labor-intensive industries, such as automobiles and metals.
While automobile sector contributed 29% of the revenues, metals contributed 40% share,
Overall, 80 Indian companies in Germany were responsible for churning out 9% of Germany’s revenues in 2016.
Prominent Indian companies in Germany include Tata Steel, Hindalco industries and Sona Autocomp.
The report also pointed out that between 2010 and 2016, Germany was 2nd highest recipient of Indian FDI, as money flowed into 96 major projects.
Since 2010, overall 140 major projects have been initiated by Indian companies in the country.
Top sectors where maximum revenues were generated by Indian firms in Germany includes: Automotive industry, Metal and Metal processing industry, professional, technical and scientific services, Chemical and Pharmaceutical industry, Electrotechnics and Manufacture of machinery.
