Indian IT stocks are surging with Joe Biden's win in the 2020 US Presidential Election
- Indian IT stocks are in the green as markets open in India with Joe Biden coming out ahead in the US Presidential Election.
- A Biden victory may bode well for the likes of Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies, and Tech Mahindra with his promise to reverse Trump’s suspension of H-1B visas.
- Overall, analysts expect trade tensions between the two countries to subside with more favourable policies likely in the coming the future.
AdvertisementIndian IT stocks are on fire as the 2020 US Presidential Election comes to an end, and Joe Biden steers ahead as the President-elect. For them, the victory of democratic nominee Joe Biden over the incumbent Donald Trump could spell some good news along the horizon.
With Biden at the helm of the US, analysts expect that trade tensions between the US and India will ease up more favourable policies coming into play. Moreover, one of his campaign promises specifically addresses the easing up of H-1B visa regulations.
Indian IT stocks are gaining ground
Source: NSE as of 9:35 am
|Company||Change in share price|
|Tata Consultancy Services (TCS)||2.03%|
Biden’s H-1B visa promise
Moe Vela, former advisor to Biden during his vice presidency days with Barack Obama, believes that Trump’s ban on H-1B visas is just another example of racism and discrimination.
“They’re knowledge workers, and they’re computer-based workers,” he told Business Insider in June. Given those parameters, a ban on H-1B visas may keep them from entering the US, but they can still keep their jobs and work just as well from other countries.
Just last week, the US Department of Homeland Security issued a notice proposing to replace the current H-1B lottery allotment system with a wage-based selection process that will prioritise higher salaries. While that may admittedly be good for employees looking to get hired a fair way, it also makes it more expensive for countries like India to send their workforce abroad for projects.
This is why it's significant that one of Biden’s promises includes reforming the H-1B visa system. "High skilled temporary visas should not be used to disincentivize recruiting workers already in the U.S. for in-demand occupations,” says his agenda on immigration.
Biden’s plans include supporting the expansion of the number of high-skilled visas and eliminating the limits on employment-based visas by country, which create unacceptably long backlogs.
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