{"id":94686,"date":"2017-01-31T17:17:43","date_gmt":"2017-01-31T11:47:43","guid":{"rendered":"http:\/\/www.telugu360.com\/?p=94686"},"modified":"2017-01-31T17:17:43","modified_gmt":"2017-01-31T11:47:43","slug":"lofgrens-h1b-reform-bill-hits-indian","status":"publish","type":"post","link":"https:\/\/www.telugu360.com\/lofgrens-h1b-reform-bill-hits-indian\/","title":{"rendered":"Lofgren\u2019s H1B reform bill hits Indian IT"},"content":{"rendered":"

Stocks of Indian Information Technology companies took a sharp fall after the H1B reform bill was taken up by the US House of Representatives. The technology political climate is apprehensive in the Trump era. The High-Skilled Integrity and Fairness Act of 2017 was introduced by California Congressman Zoe Lofgren as reported by PTI.<\/p>\n

The legislation seeks to double the minimum wages for such employees to $130,000 per annum from $60,000 at present. The bill comes as a major blow to Indian IT firms, particularly the ones that have businesses in the US. Wipro, Infosys and TCS shares all toppled along with other Indian tech services companies, pulling down the NSE Nifty Index.<\/p>\n

Lofgren who extensively worked on immigration reform, plans to allot visas to companies which are willing to pay the highest instead of the existing lottery system.<\/p>\n

Highlights of the bill<\/strong><\/p>\n