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Sharma said: “Elements of the bill will undermine the competitiveness of Indian IT businesses in the US” during a meeting with Chairman of the US Chamber of Commerce Steve Van Andel in New Delhi on Monday.
“Our [Indian] IT companies have contributed enormously to the US economy through job creation, local hiring, and enhancing the competitiveness of their clients, who included some of the US’s largest businesses” added the minister.
US President Barack Obama last week asked the Republican-majority House of Representatives to pass the bill by the end of the year.
“Let’s see if we can get it done this year. Let’s not wait. It doesn’t get easier to just put it off. Let’s do it now. Let’s not delay. Now it’s up to Republicans in the House to decide whether reform becomes a reality or not,” said President Obama.
Immigration reforms are a policy priority for the Obama administration.
Certain provisions of the bill, in particular those related to H-1B and L1 visas, will adversely impact top Indian IT companies doing business in the US.
The bill has already been passed by the US Senate but is pending before Congress.
Indian companies support more than 280,000 jobs in the US and have contributed more than $15 billion to the US Treasury in the last five years, according to the Indian commerce minister.
Investments of more than $5 billion have been made in the last five years alone, by way of acquisitions.
Andel said that the US Chamber is on the “same page” on the issue and that there is a need to be more vocal about the “ill effects” of the proposed legislation.