US President Donald Trump extended the suspension of H-1B and L1 visas issued to foreigners. It will now be applicable until December 31. Accordingly, until December 31, foreigners will not be issued a green card and H-1B visa. But the people working in this sector believe that this will not affect the Indian IT companies, because IT services can do from anywhere.
Visa Banned For Six Months Only
Ajay Sharma, chairman of Abhinav Immigration Services, which provides visas to the US and other countries, says the decision is only for six months. But in this also, the people who are there do not matter. The decision on H1L1 will apply to new people who want to go there. He says that COVID-19 has already banned movement and is still of international travel. In such a situation, it will not have any effect.
IT Companies Can Serve From Anywhere
Ajay Sharma says that Indian IT companies, they can provide service from anywhere. Those who have American clients can service them from Canada, the UK, or Europe. Also, for regular service, it will not have any effect. Only a small impact of this can see on those who will be new projects because it is necessary to travel. He said that the impact of COVID is already there. People’s dependence has increased in IT. Now that work from home is running all over the world, this new ban will not have any effect.
He says companies like TCS, Infosys, HCL, or Tech Mahindra also have bases in Canada and the UK and Europe. They can serve American customers from there.
Restrictions On Air Travel Can Also Lift
They say that when air travel starts, this restriction will be relaxed. But this is a short term affair. He says that people go only when there is a need for El One. There will be no impact in the short term. Kishore Ostwal, chairman of CNI Research, says it could have a minimal effect. There may be little impact on on-site development or project. Altogether some one lakh people can make a difference. It also has H4 ones. According to this, those who are housewives or have children work. And then not all people work in IT.
This condition can be lifted even before December if the state of COVID is corrected. It does not affect. It is simply limited to a nationalist decision given the election.
Stocks Of Five IT Companies Jumped In The Stock Market
He said that despite this decision by Trump, shares of the top-five IT companies in the Indian stock market had seen an uptick all day. Till noon, TCS stock was trading up 0.23 percent at Rs 2,033 on the BSE, whereas Wipro’s stock was trading up by 1.03 percent at Rs 220. Infosys stock was trading 2.34 percent higher at Rs 720 at the same time, while HCL stock was trading at Rs 577 with an increase of 1.04 percent. Tech Mahindra’s stock was up 0.52 percent at Rs 551.
An Average Of 85,000 H-1 Visas Is Issued Every Year
Looking at H-1B visas, the US issues 85,000 visas to high-skilled workers every year. This visa lasts for six years. 188,123 H1 visas were published in 2019. However, it also had renewal visas. Out of this, 131,549 visas were issued for Indians. While 28,483 visas issued for Chinese citizens. Only 143 H1 visas were issued in May 2020 this year, while 13,367 visas issued in May of 2019.
L1 Visa Was Issued To 18,354 Indians Last Year
Talking about the L1 visa, it is issued for high level and specialized company employees. It lasts for seven years. In 2019, 76,988 visas issued. Of this, 18,354 visas were issued to Indians. 5,902 visas were issued for Britain. Five thousand two hundred ninety-five visas were issued for Ireland.