With Donald Trump, the Republican Presidential nominee becoming the 45th President of the US in an unexpected victory, fears have now settled for IT sector with Trump’s ‘America First’ vows to bring back US jobs from countries like India, Singapore, Mexico and China. Trump also mentioned that America is living through its greatest theft of jobs in the history and warned the American companies to pay 35% tax if they shift jobs to other countries.
Some experts believe that since now Trump is in power, it will be a difficult time for Software and outsourcing industry affecting the growth and money matters related to it. Visa rules are already tightened and one should believe the same to continue and become more difficult in the coming days.
Through the jobs outsources by US, Indian IT industry makes about 60 percent of its $100 billion plus revenue from the US. Most industry experts say that Indian companies may see their wage costs go up with local hiring. US firms might cut back on their spending because of uncertainty in the business besides increasing competition to narrowing margins.
Some experts believe that any norms to be implemented for IT firms will take lot of time to manifest as the desired skills are not easily available in US. Indian IT firms in many ways have always contributed in US economy and far superior in cost effectiveness, quality talent and high level domain knowledge. Considering these factors it won’t be easy for US companies to ignore and cast away Indian talent and industry. US has always been a business friendly company with great role of Indian firms in keeping growth and innovation of US businesses with its huge investments and talent.
We at NextWebI thinks that new presidency should think of India’s contribution in US economy development, technology advancements and make it a high priority to bear beneficial trade with India, take a balanced approach to visa norms and cultivate both the nations interests.