20-07-2023
Raja Krishnamoorthi, a Democratic lawmaker of Indian heritage, has proposed the HIRE Act as a way to spur economic growth and alleviate the scarcity of specialised workers. The law seeks to boost the number of H-1B visas issued annually, giving skilled employees a way to enter the country, live here, and make a contribution.
The Person in Specialty Occupation Visa, generally known as the H-1B visa programme, is essential in luring top talent from around the globe. Currently, the programme permits the issuance of 65,000 H-1B visas each year, with 20,000 of those visas going to international students enrolled in US schools and institutions.
The yearly H-1B visa cap would be doubled under Krishnamoorthi's proposal, going from 65,000 to 130,000. The goal of this project is to close the skills gap and give American businesses access to highly trained candidates for key positions, notably in industries like IT, architecture, and infrastructure.
The HIRE Act prioritises long-term economic growth and technological advancement in addition to addressing the urgent shortage of qualified labour. The Act intends to develop a domestic talent pool that may spur innovation and competitiveness in the global market by expanding investments in STEM education (Science, Tech, Engineering, and Math).
Krishnamoorthi contends that the US must take the lead in strengthening its local workforce while luring the world's greatest minds. The proposed measure is in line with this vision by producing higher-paying employment and enabling the use of tomorrow's technologies by a workforce that is diverse and highly skilled.
In the US job market, particularly in high-tech companies, the H-1B visa programme is crucial in addressing skill shortages. American businesses can maintain their competitiveness, promote innovation, and promote economic growth by luring top personnel from around the world.
By increasing job possibilities and encouraging wage growth in specialised industries, the HIRE Act seeks to fill important positions that call for highly qualified people. This will benefit American workers.
Since around 75% of H-1B visas are now granted to workers from India, the increased H-1B visa quotas are likely to be advantageous to Indian professionals looking for employment prospects in the US labour market.
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