INSUBCONTINENT EXCLUSIVE:
US President-elect Joe Biden plans to increase number of high-skilled visas, including the H-1B visas.Shares of information technology
companies surged in today's session on hopes that US President-elect Joe Biden will ease the policy on work visas (H-1B visas)
Analysts said that expectations of an easier work visa regime triggered buying interest in information technology (IT) companies, which
depend on work visas to send their employees to work for their clients in US, the biggest market for Indian IT services companies
The gauge of 10 IT shares on the National Stock Exchange - Nifty IT index - climbed as much as 2 per cent with all, but one share, in the
index trading higher.US President-elect Joe Biden plans to increase the number of high-skilled visas, including the H-1B, and eliminate the
limit on employment-based visas by country, both of which are expected to benefit tens of thousands of Indian professionals impacted by some
immigration policies of the outgoing Trump administration, news agency Press Trust of India reported."High skilled temporary visas should
not be used to disincentivise recruiting workers already in the US for in-demand occupations
An immigration system that crowds out high-skilled workers in favour of only entry level wages and skills threatens American innovation and
competitiveness," according to a policy document issued by the Biden campaign."Biden will work with Congress to first reform temporary visas
to establish a wage-based allocation process and establish enforcement mechanisms to ensure they are aligned with the labour market and not
Then, Biden will support expanding the number of high-skilled visas and eliminating the limits on employment-based visas by country, which
intra-day high of Rs 2,285 on the NSE
stocks pushed the Sensex and Nifty to record highs earlier in the session.As of 11:43 am, the IT index was up 1 per cent in line with gains
in the benchmark Nifty 50 index.
