US Visa: The Donald Trump US government announcement to delay start up visa set to impact Indian entrepreneurs living in the United States of America.
US Visa: The Donald Trump US government announcement to delay startup visa set to impact Indian entrepreneurs living in the United States of America. The visa programme that was approved and backed by former US President Barack Obama’s administration was proposed to allow foreign entrepreneurs who have their startup in US to live there. The visa programme was supposed to come into effect on July 17, 2017 but with the change n the rules by the Donald Trump administration has led to the delay in its implementation and resulted in the tightening of work visa rules making the Indian IT companies in US suffer, according to an India.com report. As per a study by a US-based non-profit nonpartisan public policy think tank- National Foundation for American Policy (NFAP), immigrants in approximately more than half of US startups that have been valued at $1 billion dollars or more, make up for 70% of the total startups. They work as key members in the management or the product development teams. Out of the 70% per cent startups, Indian-origin people have started 30% of the companies.
The study also reveals that up until January 1, 2016, the market value of 87 startups was over $1 billion. It also stated that 14 Indian-origin entrepreneurs have started billion dollar companies in the United States that are collectively valued at $19.6 billion. Barack Obama’s administration’s idea was to back the high-calibre talent so that they come to the states to study and build billion dollar companies that become a huge success.
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Vivek Wadhwa, an Indian-American technology entrepreneur and academic while talking about the new policy said, “Without a doubt, bringing in entrepreneurs creates American jobs and expands the economy, it is the closest thing there could be to a free lunch for the United States. This is a lose-lose for the US and for the entrepreneurs who would have come here but it will benefit the countries where they would have come from,” as quoted in the report.