This is according to a report released by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Ernst and Young titled ‘India Contributes to Employment, Capital Growth and Tax Revenues in the US: Direct Investments by Indian Companies in 2007-09’.
However, as the US moves towards a stringent policy of granting H-1B visas, India Inc’s appetite for investing in the US will be affected.
Speaking at the official release of the report on Thursday, Dr Amit Mitra, Secretary-General, FICCI, said: “Indian investments are critical at a time when the US is moving towards a policy of protectionism.” According to him, small and medium enterprises of India are saving US companies that are closing down.
Mr Nico Derksen, National Coordinator, Outbound Tax Advisory Services, Ernst & Young, said, “There’s a growing acceptance in the US regarding companies buying US firms.”
He added that Indian acquisitions were also preferred because they bring in fewer management changes. However, the fact that H-1B visas have gone down from 1,95,000 during the George Bush administration to 65,000 currently is a cause of concern.
Furthermore, Dr Mitra said that the controversy about H-1B visas being granted to India has been “blown out of proportion”.
In addition to the release of the report in India, FICCI will also be taking 12 parliamentarians to the US to meet the US Secretary of State, the Secretary of Commerce and other top politicians in US Congress to discuss economic issues with regard to outsourcing.
The FICCI forum of parliamentarians will meet professors from Yale and Harvard universities before going to Washington D.C. The forum will also present the FICCI-Ernst & Young report to the dignitaries they meet in the US.
According to the report, in the financial years 2007-08 and 2008-09, Indian companies made 143 acquisitions across various sectors in the US. The report was made on the basis of public records and according to the values of the deals that were disclosed. India Inc has had deals worth $5,392 million during the financial years 2007-08 and 2008-09.
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Simple fact is Tata, Satyam, Infosys, and Wipro have U.S. workforces that are 90% Indian. These Indian IT offshoring/outsourcing firms are practicing racial discrimination in the U.S. by using the L-1 and H-1b Visa almost exclusively to fill U.S. jobs, and not even trying to find candidates already in the U.S., unless pressured by Congress.
Hiring only of one nationality is discrimination, pure and simple.
These companies are using the H-1b and L-1 Visa to remove millions of U.S. jobs, so the creation of a few fast-food jobs is nothing compared to the millions of customer support, call center, financial services, and engineering jobs that removed by these Indian IT Outsourcing companies.
We should not be allowing a Visa class to be so abused. The H-1b visa was meant to be used only when a U.S. company could not find a suitable worker for a U.S. job. By not even trying to hire U.S. workers, these Indian IT companies are patently abusing the H-1b and L-1 visa system and openly committing the biggest case of discrimination in U.S. modern history.
Do you think Michel Jackson killed himself?
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