Indian IT companies could find next growth opportunity in the rapidly evolving technological infrastructure back home and in other similar developing nations.
Amid the ongoing H-1B visa troubles, Indian IT companies, which depend heavily on business from the United States, could find next growth opportunity in the rapidly evolving technological infrastructure back home and in other similar developing nations, which may be on the cusp of digital revolution.
There are ample work opportunities in India itself and Indian IT Professionals must not worry too much about adverse visa regulations in the developed countries, Cabinet Secretary P K Sinha said at an event late last week.
“We are seeing that one country after another is putting visa restrictions so that the local population benefits from the opportunities of employment,” Sinha said. “We need not worry too much about the visa restrictions as we will have ample opportunities here itself,” he added.
The comment assumes significance as it comes at a time when the US administration is reviewing the rules of the H-1B visa programme, and its adverse impact on the Indian IT companies.
Earlier, in a similar context, Mukesh Ambani, Chairman and Managing Director, Reliance Industries, had said that the Indian economy does not have access to next level digital infrastructure yet, adding that mobile computing is the defining technology of the century. He further said that the election of Donald Trump as the new President of the United States may prove to be a blessing in disguise for India, as it will lead to Indian information technology companies focusing on the domestic problems. “Indians are at the bleeding end of the technology,” Ambani said.
Telecom and E-commerce industries in India have rapidly expanded over the last decade, and currently, serve millions and millions of users over world class networks.
Prominent government leaders, including Finance Minister Arun Jaitley and Commerce & Industry Minister Nirmala Sitharaman, in frantic efforts to save Indian IT companies from a potential surge in costs, and IT professionals from possibly losing their jobs, have already taken up the visa issue at the highest levels with their US counterparts.
India’s Chief Economic Advisor, Arvind Subramaniam, had said that any serious action by the US on the H1-B visa issue will be a cause of concern for Indian Services Industry. Urjit Patel, RBI Governor, had also warned against the increasing talk of protectionism saying that giant multinationals corporations have benefited from an open trading system built on global supply chains.
All this happened after the US President Donald Trump signed an executive order earlier last month for tightening the rules of the H-1B visa programme to stop its ‘abuse’, a decision that would impact India’s USD 150 billion IT industry.