As you might have heard, United States President Donald Trump has tried to cut down immigration during Coronavirus pandemic. This, has not been any good for Indian tech companies and there are reports that these companies have experienced big share price hits in the recent weeks.
Trump has just authorised a two – month ban on those so-called “green cards” – a path that is mostly accessible to the family members of those that are in the country. He also has reiterated his willingness to cancel the skilled H1-B visa programme, of which more than two-thirds are Indian holders.
Bloomberg shared a draught of executive order that would necessitate current H1-B visa holders to provide additional and latest information demonstrating they are not dispersing American workers. Some reports say that amid COVID-19 based layoffs over a quarter of H1-B holders may be pressured to fly back home.
A reported opposition inside the White House, allegedly headed by the president’s son-in – law Jared Kushner, has so far maintained attempts to stigmatise foreign tech, medical, and agricultural visa holders on the backburner. This move, too, has been criticised by business people.
However the valuation of leading Indian tech companies like Infosys and Tech Mahindra on Mumbai’s National Stock Exchange tumbled by up to six per cent on news of possible changes. Most Indian specialists are expecting additional problems in the country’s own Coronavirus pandemic, which has claimed 640 lives so far.
A USCIS spokesman, the U.S. government ‘s immigration agency, has said the branch would proceed to “analyse problems and other possible steps that the agency could take to further resolve some of these difficulties and take into account the suggestions of the public.” Trump has long attacked the H1-B Visa program and made it part of his 2016 election campaign.
With such a recession that so far has forced more than 22 million Americans to register for unemployment, the President is once more in the sight line. But yesterday, Jason Oxman, president and CEO of the leading tech trade association ITI, came out against such a ban.
“Tech workers — either from the US or from some other country — play a vital role in America’s reaction to COVID-19,” Oxman said. “They will be essential to the rehabilitation of the US economy, and that they must continue to stay part of the workforce. They advise President Trump not to place at risk the economic growth of the nation by shutting the doors to the rest of the world.
Trump’s restriction on green cards has just been met with criticism by human rights and economic experts. The program, which was introduced in 1952, allows foreigners, most of whom face humanistic hardships in their home country, to reside in United States. About one million green cards were issued in 2019, which makes up about 0.3 per cent of the nation’s population.
“We should first take good care of the American worker,” Trump recently tweeted, disregarding the scientific consensus that immigration is boosting the American economy as a whole.