India to be worst hit by US immigration law
Posted on August 28, 2013
Data released by the US Department of Homeland Security show that India gets the lion’s share of all H1-B Visas issued in the country. What is more, the share of Indians has gone up to 64% in 2012 from 58% in 2011.
In other words, H-1B stakes are only growing for Asia’s third-largest economy given the immigration bill that the US Senate passed in June. Though the immigration law increases the annual H-1B cap, it also raises the visa cost by thousands of dollars, which could hit India’s outsourcing firms.
Tighter rules could sap up to $8 billion from India’s teetering economy, JPMorgan Chase has estimated. What the final law will look like and when it might happen aren’t yet clear. House Republicans have delayed consideration of the immigration bill until fall.
Aug 23, 2013