Along with the economic fall due to COVID 19, Trump has now imposed additional restrictions on H1B and L1 visas. They are further suspended up to the end of 2020. Employees from other nations are considered a risk to the US market. This piece of news has taken major MNCs and employees who were planning to move to America by storm. Companies in the US worry that these restrictions might discourage qualified workers from coming into the country. Employees have been advised to change their status in the country and remain there. They are recommended to travel only if they are eligible for re-entry.
Yair Vardi is a co-founder and partner at Fusion LA, which accelerates the growth of startups by helping raise funds says that this news has hampered the company’s ability to build a business in the US. Other businesses also speculate that scaling up in the US market has become increasingly difficult. And the fact that it also impairs the international trade. Numerous other entrepreneurs face the same predicament as Vardi.
The suspension of the visas has severely impacted the growth of startups who have been advised to not lose momentum and begin the exploration of new markets with lesser trade restrictions. Trump has been looking to restrict legal immigrants from working in America since he signed the “Buy American, Hire American” executive order. It seems like his objective is being achieved, as the restriction on visa laws may free up more than half a million jobs for the workers in the country. Experts consider this decision a power move for the upcoming presidential election in 2020.
This piece of news is going to bring a tremendous change in the Indian job market because earlier, all IIT and IIM graduates would look forward to going to the US. And given the current circumstances(Make in India drive fueled by anti-Chinese sentiments), they would have to settle here. This might be challenging in the beginning, but it might just be a boon for the Indian economy because the techies would want to start something of their own and boost the falling economy. India will have to up its technology game to start meeting the requirements of the consumers. Although, this won’t prove very difficult since many of the CEOs in American tech companies are Indian. Most companies looking to digitize are in luck, the active tech talent pool in India is at an all-time high.