Some 38,000 jobs created in the US.
By Deepak Chitnis
WASHINGTON, DC: Brokerage firm JP Morgan has released a report indicating that the new immigration bill, which is currently fighting its way through Congress, would penalize Indian IT companies in an effort to boost IT companies in America, despite the fact that Indian companies have been far more successful at creating jobs in the US than their American counterparts.
Indian IT companies have created between 30,000 and 40,000 new jobs in the US (JP Morgan puts the number at 38,000, give or take) over the last seven years (this figure does not include green card holders). Meanwhile, American IT giant IBM has created around 135,000 jobs, but they are all overseas. Some estimates even put the number as high as 150,000.
The Gang of Eight bill, which the Senate has passed but the House is still debating, allows US IT firms to free themselves from H-1B visas despite reducing their US employment numbers and failing to create any actual new jobs.
The only potential boon here?
Pradeep Udhas, partner for IT/ITES in India, reportedly said, “it could hurt Indian IT companies in the short term, but they could become true multinationals in the long run, adding more locals to their global workforce.”
To contact the author, email to email@example.com