Proposed curbs on H-1b visa is a big risk for Indian IT: IMF’s Subir Gokarn

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New Delhi | Published: January 23, 2017 2:56:37 PM

International Monetary Fund (IMF) executive director Subir Gokarn has predicted some risks for India from new US President Donald Trump's policies.

Gokarn, a former RBI deputy governor, has also anticipated risk for Indian IT sector over the proposed ban on H-1B visa. (PTI)Gokarn, a former RBI deputy governor, has also anticipated risk for Indian IT sector over the proposed ban on H-1B visa. (PTI)

International Monetary Fund (IMF) executive director Subir Gokarn has predicted some risks for India from new US President Donald Trump’s policies. While not all segments of the economy will be affected, he said that there was definitely going to be an impact on some crucial sectors. “IT and Pharma only two sectors at Risk From Trump’s policies,” he said, adding that Trump’s protectionist policies may not affect all Indian exporters. “You cannot predict how a person behaves after he becomes the President. Investors are closely watching Trump’s policies on infrastructure investment,” he said.

Speaking to BTVi in an exclusive interview Gokarn said, “Indian IT must adapt to changing business dynamics and it has tackled the policy changes in past including Y2K.”

Gokarn, a former RBI deputy governor, has also anticipated risk for Indian IT sector over the proposed ban on H-1B visa. “Proposed curbs on H-1b visa is a big risk for Indian IT,” he said. The stock markets agreed with teh prescription today as Indian information technology stocks fell amid slightly positive broader markets on concerns that the new US President Donald Trump’s protectionist policies will hurt Indian services exporters. Shares of top five IT companies fell as much as between 0.1% and 1.1% in early morning trade.

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Donald Trump’s announcements about buying Made in America products and his antagomistic attitude towards immigration and outsourcing has worried Indian companies. Now, most of them are waiting for him to make his first move on these issues. Trump has promised that he would hit teh ground running from Day 1 in office and would have targets to achieve within teh first 10 days, first 100 days and more. His first day was Saturday, but he said Monday will be his debut at the Oval Office.

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