India IT stocks slip amid worries about stricter H-1B visas
NEW DELHI (AP) — The shares of top Indian IT companies sank Tuesday in response to news of proposed U.S. legislation that would require salaries for H-1B visa holders to be doubled.
The High-Skilled Integrity and Fairness Act of 2017 introduced last week in the House of Representatives by Rep. Zoe Lofgren, a Democrat from California's Silicon Valley area, aims to end what it calls the "abuse" of the work visa program, which it says has "has allowed replacement of American workers by outsourcing companies with cheaper H-1B workers."
The proposed bill comes as the tech industry is already reeling from an executive order on immigration from President Donald Trump that bars nationals of seven Muslim-majority countries from entering the U.S.