According to a research conducted by the Centre for Global Development and the University of Michigan, the H1B visa has been proven to be economically beneficial for both India and the US. The title of the research is “The IT Boom and Other Unintended Consequences of Chasing the American Dream” reports the Livemint
Though, the H1B visa program was criticized at first, the same has increased the combined income of both the country by 0.36%, i.e., about $17.3 billion. The researchers Nicolas Morales at the University of Michigan and Gaurav Khanna of the Centre for Global Development said that the IT output has also increased by about 0.45%. According to the study, the program has made the US-born employees wealthier by $431 million.
The study involved in-depth research of the impact of the H1B visa program in both the US and the Indian economies. The program has allowed the companies in the US to recruit skilled workers specialized in their occupations.
The leading recipients of the H1B visa are the outsourcing companies of India like Tata Consultancy Services Ltd, Infosys Ltd, etc. The program has benefitted the IT industry of India.
However, after the President Donald Trump’s administration issued new guidelines for the use of the program, it took a major hit. And even though migrating to the US has helped in the expansion of the IT industry of India, the program was criticized in India for causing major brain drain.
Many students started to choose computer science related fields for better prospects. Some of them came back to India with better knowledge and helped in the improvement of the IT sector of the country. This has helped India in surpassing the US in terms of software exports.
Also, the productivity increased in other sectors as well. Better technology was built and people got to choose from a range of software and hardware. Also, the prices of the US based IT products had a fall of 1% while India based IT product had a fall of 7.4%.
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