Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Som Mittal, Nasscom chief says, 'I would still lose sleep on US Immigration Bill'

Jan 06 2014, 15:33 IST
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Outgoing Nasscom President Som Mittal says Indian govt and corporates have been engaging with their US counterparts to convey their concerns over the US Immigration Bill. Outgoing Nasscom President Som Mittal says Indian govt and corporates have been engaging with their US counterparts to convey their concerns over the US Immigration Bill.
SummaryNasscom's Som Mittal says India must keep watch on proposed US Immigration Bill's effect on visa fees, audit.

The US Immigration Bill, which proposes higher visa fees and enhanced audit by US agencies, is still giving "sleepless nights" and the Indian IT industry needs to keep a watch, Nasscom chief Som Mittal said.

The Bill - Border Security Economic Opportunity and Immigration Modernisation Act 2013 - was passed by the Senate and is yet to be passed by the US House of Representatives.

"We are well-positioned on the Immigration Bill ... I think it has some very good provisions like increasing visas ... But this is something I will not sleep with. We still need to work and keep a watch on it," outgoing Nasscom President Som Mittal said.

He added that Indian government and businesses have been engaging with their US counterparts at all possible forums to convey their concerns.

"Our Prime Minister (Manmohan Singh) took up this issue with Barack Obama. This issue has also been taken up with the US Secretary of State and Vice President Joe Biden and has been discussed at various Congressional levels. The businesses in the US are separating us... But I would still lose sleep," Mittal said.

Last year, Nasscom hired influential lobbyist, public relation and law firms to plead the case of Indian firms with Congressmen.

Indian software-export giants like Tata Consultancy Services (TCS), Infosys and Wipro rely on visas to send employees overseas to service clients in the US, its biggest market. US contributes 65 per cent of the revenue of these firms.

The proposed legislation also requires firms to dilute their visa dependent workforce over the next few years, a move that will force Indian companies to hire local talent, thus affecting their revenues. If passed in its current form, the Bill could hurt the margins of the Indian IT sector.

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