&imwidth=800&imheight=600&format=webp&quality=medium "Donald Trump's H-1B fee to result in $14 billion in extra cost: Expert")
Banking and Market expert Ajay Bagga said on Monday that Donald Trump's $100,000 rule for H-1B visas in the United States might result in extra costs to the tune of $14 billion in sectors like IT, healthcare, doctors, nurses, and other financial services.
"There is an impact. Not only IT, but also healthcare, doctors, nurses, and other financial services companies. If from next year the run rate of granting H-1B visas is the same, then there are about 14 billion dollars of extra costs, which the profit pools might not be able to absorb," he said.
He pointed out that 16,000 Indian-origin doctors are working in rural areas in the US.
"Wide regions in the US are benefiting from H-1B visas...In the IT sector, the big companies have 5000 to 10,000 workers on H-1B. They will try to outsource those works...Beneficiaries of this rule will be offshore centers like Vancouver and other nearby countries," he added.
Stock markets react
The Indian stockmarkets also reacted to theannouncement with despondence as the Nifty lost 0.49% or 125 points to end at 25,202. BSE Sensex dropped 466 points to settle at 82,160.
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Trump's move is expected to hit the Indian IT sector as it is heavily dependent on the US.
The Nifty 50 index opened at 25,238.10, down 88.95 points or 0.35 per cent, while the BSE Sensex started the day at 82,138.99, slipping 487.24 points or 0.59 per cent.
The pressure was most visible in IT stocks, with the Nifty IT index declining by more than 3 per cent in early trade. Shares of TCS, Infosys, Wipro, and HCL Tech witnessed sharp selling pressure.
Devarsh Vakil, Head of Prime Research at HDFC Securities, said that Donald Trump's fee will impact the industry as it will make H-1B visas less financially viable for several firms.
"A new executive order imposes a USD 100,000 application fee for each new H-1B visa. The fee is applicable only for new applicants and will not affect renewals or current H-1B holders. This sudden fee hike has sparked confusion and panic among tech companies and international workers, particularly those from India, which accounts for over 70 per cent of H-1B beneficiaries. Costs of deploying Indian professionals to US client sites for new projects will surge, making on-site assignments less financially viable for many companies," he added.