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US govt's delay on "startup visa" could hit Indian immigrants

The move is going to be detrimental to the Indian I-T sector


Following stricter regulations on work visa rules for the coveted H1-B visa, the United States Citizenship and Immigration Services announced a delay in the “startup” visa program on Monday in the US.
An Economic Times report states that before the announcement of the delay, the visa program was given the nod by former US president Barack Obama, and was slated to be released on July 17 this year. The move is going to be detrimental to the Indian I-T sector.
According to the visa guidelines, entrepreneurs can stay stateside with a renewable 30-month visa.
Foreign nationals, who had begun ventures in the United States, were eligible for the visas if they received USD 100,000 in government grants or USD 250,000 in a venture capital investments.
However, the United States Citizenship and Immigration Services said that the Obama-era regulation had no basis in law.
Obama’s main intention with the policy was to retain bright minds who study in the United States only to return to their home countries to set up successful ventures.
The Economic Times reported that entrepreneurs of Indian-origin spoke against the delay. They said the US government is not seeing the bigger picture of creating more jobs and revenue for the American economy.
National Foundation for American Policy (NFAP), a non-partisan, non-profit think-tank, compiled a report in 2016 from survey of 87 startups companies that are valued at over USD 1 billion each. Of the 87 companies, 14 were found by Indian-origin entrepreneurs, collectively valued at USD 19.6 billion.
Another study conducted in 2012 showed that startups set up by immigrants in the US earned USD 4.5 trillion in annual revenues and created 10 million jobs.
On Monday, the US Department of Homeland Security issued a memo saying that the rule will now be launched on March 14, 2018 and it will solicit comments from the public about rescinding the rule, and "may ultimately eliminate the program".
Disclosure- Multibagger Stock recommendation provider is a Independent Equity Advisory Company backed by experts. These market news is only for knowledge purpose only.
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