Indian IT companies can take a breather as the US Senate vote for imposing stringent conditions on the hiring of H-1B visa workers by the American firms receiving Federal bailouts would not hit them.
"From the reading of the provisions, it seems the impact is only on the people directly employed by the TARP companies. Outsourcing firms including those from India are seemingly not impacted," Nasscom President Som Mittal told PTI.
The amendment Bill is yet to go through reconciliation in the House before it is enacted, he said. None of the top Indian IT companies commented on the possible impact of the decision on them.
He said a Nasscom delegation which will visit the US to meet customers, analysts, Government officials is going to raise the issue to state how protectionism is not good for the global world. Mittal said, G-20 has already endorsed that protectionism is detrimental.
Referring to the amendment, he added that it means the US companies that are receiving 'Troubled Asset Relief Program' (TARP) funds will be deemed to be H1B visa dependent. Of the total workforce if 15 per cent staff carry H1B visa then they can be said 'dependent'.