It is no secret that India has been and continues to be an important (if not the most important) market for technology firms based in the United States. Conversely, Indian companies are also investing significantly more into the U.S. economy as time goes on.
There are several key leaders from both countries that are helping to foster this mutually beneficial growth. One personality who has come into the media spotlight more frequently due to recent events, such as the increased visa fee, is Arun Kumar Singh. Singh has been a catalyst for better communication between U.S. based corporations and India, and has reached out to U.S. companies such as Microsoft, Amazon and other technology powerhouses.
The receptiveness of Singh’s visit from the heads of these companies demonstrates that U.S. based companies have their sights set on expanding and bolstering their relations with India. As the technology industry in the U.S. does rely significantly on foreign skilled workers, it is important that we all understand the important dynamic between the two nations.
U.S. Opportunity in India
Large U.S. technology (and other industry) organizations recognize the enticing economic and financial opportunities that are currently present in India. India has undergone major economic reform beginning in the 1990s, and some economist and financial analysts posit that the Indian economy could soon surpass China as the fastest-growing global economy. Publications such as Fortune have stated that the future of the Indian e-commerce industry alone will rival that of the U.S. Although Singh would not comment on this potential competition specifically, he has met with the heads of leading U.S. e-commerce companies such as the Seattle based e-commerce giant, Amazon.
Maintaining A Balance
There is a fear of U.S. exploitation in India. However, proponents for fostering growth between the U.S. and India are working to dismantle these trepidations. Advocates of U.S./India relations such as Singh believe that U.S. based companies can contribute to the continuing rise of the Indian economy. Economic growth in certain parts of the country will have a ripple effect in India, allowing more underserved areas to also benefit.. In a recent interview Singh stated, “We want to figure out how to use technology to enable empowerment in India – to enable the poorest sections of society to be able to access opportunity, and to enable us to address our challenges while minimizing the use of resources.”
Surge of Indian Startups
The renewed focus in India on digital technology has also sparked an increase in Indian IT startup activity. The U.S. has been a catalyst in this growth as partnerships between areas such as Silicon Valley and India are on the rise. However, it is also important to remember that India is investing in the U.S. as well. Singh has pointed out to the media that Indian companies and startups have invested approximately $15 billion into the U.S. economy. It is important to understand that the economic benefits go both ways and it is not solely the U.S. pumping capital into the Indian economy. This is even further illustrated by the startling growth in annual trade between the two nations which has increased to approximately $120 billion over the past 15 years.
How Immigration Plays A Role
Immigration resides at the heart of economic progress. For the past several decades, there has been an influx of talented IT workers from India to the U.S. These individuals have played a vital role in the development of U.S. based IT companies. Although the various benefits of foreign workers has been documented by countless studies and publications, the surge of foreign technology workers has not always been accepted harmoniously. Immigration continues to remain a hot topic politically as some U.S. critics believe that foreign workers are displacing U.S. technology professionals.
It can be argued that these fears were made evident by the recent increase in fees for certain worker visas, most notably the H1-B and L-1 visas. These two visas in particular are highly utilized by Indian and U.S. IT companies. In regards to this topic, Singh stated to the press that, “Indian H1-B workers who come here are contributing to the process of profitability and technology generation for U.S. companies.”
KPPB Law is Ready to Assist Your Organization
Companies who need to utilize the talents of skilled foreign workers will have to make more of an investment than in previous years. This means that when companies decide to pursue an H1-B visa or L-1 visa for a qualified candidate, they cannot afford for the process to be handled erroneously. Companies that utilize an experienced immigration law firm will better position themselves for success.
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If you or your organization requires assistance with an H1-B or L-1 visa related issue, call us directly or contact KPPB Law by phone or send us a message online today. We provide consultations so that you may better understand your options before moving forward.