The asset quality of non-banking financial companies (NBFCs) deteriorated in April-September 2021 (H1FY22) owing to the second wave of the pandemic. Their gross non-performing assets (NPAs) rose to 6.8 per cent in September 2021 from 6 per cent in March 2021. The Reserve Bank of India's (RBI's) annual Trend and Progress report (FY21) said the sector might have to grapple with higher delinquencies as and when policy measures unwound. The pandemic posed significant challenges to NBFCs during the first wave (2020) also.
The United States Citizenship and Immigration Services, the federal agency which receives and determines the successful applications for H-1B visas, said yesterday that it received 199,000 H-1B applications for the 2018 fiscal year.
Finally, some good news for the Indian startup ecosystem. After four consecutive half-year periods of declining funding since 2022, the first half (H1) of 2024 has shown an upward trend compared to the second half (H2) of 2023. According to the India Tech Semi-Annual Funding Report H1 2024 by Tracxn, Indian technology (tech) startups raised $4.1 billion in H1 2024, marking a 4 per cent increase from $3.96 billion in H2 2023.
Even as the strong anti-outsourcing lobby in the US is forcing US lawmakers to take a relook at their H1-B visa strategy amid huge job losses, Infosys Technologies which holds the largest number of H1-B visas among all the Indian IT services companies has started reducing the number as a part of the company's policy to reduce its 'overseas bench' strength.
This move is expected to restrict movement of H-1B visa holders.
The USCIS announcement indicated that the US government is going to be tough and stringent in approval of H-1B visas this year.
The new information required by the Department of Labour is significant because before sponsoring a foreign worker for the H-1B visa, the company needs to get its labour application approved by it.
Among IT services firm, Cognizant witnessed over 60 per cent of its initial applications rejected, followed by Capgemini, Accenture, Wipro, and Infosys. In 2018, the top six Indian firms got just 16 per cent or 2,145 H1B work permits.
The 'Protect and Grow American Jobs Act', which, makes important changes to the eligibility requirements for H1-B visa exemptions was re-introduced on Wednesday
H-1B visa reform bill introduced in US Senate
All were released on $250,000 bond, the Department of Justice said.
ITServe's lawsuit against the USCIS alleges that the agency has no authority to misinterpret the existing regulations and shorten the approval durations.
He said his administration is going to enforce 'Hire American' rules that are designed to protect jobs and wages of workers in the United States.
French auto major Renault on Monday said it will buy out its Japanese partner Nissan's stake in their Indian joint venture -- Renault Nissan Automotive India Private Ltd. Renault Group would own 100 per cent of Renault Nissan Automotive India Private Ltd (RNAIPL), by acquiring the 51 per cent shareholding currently held by Nissan, the company said in a statement.
Headline growth was quite weak heading into the Covid period but averaged 6.4 per cent and 6.7 per cent in the five years between FY16 and FY20 for GVA and GDP respectively, points out Abhishek Upadhyay.
US Treasury Secretary Timothy Geithner has said that he is in favour of expansion of H-1B visa programme, offered to highly skilled professionals and students to live and work in the country.
Gland Pharma beat muted expectations for Q2FY25. There was increased Ebitda (Earnings before interest, taxes, depreciation and amortisation) loss at Cenexi, the CRAM subsidiary. However, overall Ebitda margin was better than expectations at 21.1 per cent. But given two years of earnings decline in FY23 and FY24, the business may have bottomed and upper-teens EPS (earnings per share) growth looks possible over next two financial years.
H-1B workers have minimal skills, says Infosys whistleblower
Economic experts fear massive layoffs in various sectors of the American economy due to the current economic distress that is only going to deteriorate in the coming months. A record 3.3 million Americans have filed initial jobless claims for the week ending March 21. Even as the peak of coronavirus in the US is two weeks away, millions of people in the country have lost their jobs.
Latest figures released by the US Citizenship and Immigration Services show an increase in the number of people applying for H-1B visas in the last two months.
Domestic rating agency ICRA on Monday said Indian companies are likely to clock 7-8 per cent revenue growth during the March quarter of the current fiscal year, led by revival in rural demand and uptick in government spending. ICRA expects the private capital expenditure (capex) cycle to remain measured in view of the uncertainties around geopolitical developments and relatively subdued outlook on merchandise exports from India.
High visa processing fees, social security issues and the decision by Administrative Appeals Office to reapply for H1B on location change make life tougher for highly skilled professionals from India, Nasscom chief BVR Mohan Reddy tells Ritu Jha/Rediff.com
The US Citizenship and Immigration Services will determine from today the allocation of visas -- highly popular among IT professionals -- through computerised draw of lots.
'The policies announced by his administration are implemented faster.'
'The cooperation in technology is one of the most important aspects of the visit.' 'It will have a long-lasting impact because it will shift the entire paradigm in the context of artificial intelligence and emerging technologies.'
An in-depth look at the H-1B skilled worker visa to America. What quetions will you be asked? What if your job requires travel? What does the future hold for H-1Bs? Read on
SBI Life Insurance reported a weak performance in Q2FY25. The annual premium equivalent or APE grew 3 per cent year-on-year (Y-o-Y) to Rs 5,390 crore. For the first half of financial year 2025 (H1FY25), it grew 9 per cent Y-o-Y to Rs 9,030 crore.
In what could be a cause of worry for Indian IT professionals, two US Senators have introduced amendments to the economic stimulus bill, which if passed would prevent US companies receiving the federal bailout money, from hiring H-1B visa holders.
Whether nominal or real, India's investment rate needs to increase by 3 to 4 percentage points of GDP to support 8 per cent real growth, recommends Nikhil Gupta.
Massive restrictions on legal immigration - including restricting immigrants who contribute to medicine, science, and research in the United States, and who are working to develop treatments for coronavirus and other deadly diseases - will not only hinder efforts to save lives, but prevent job creation and hurt American economy as the country struggles to recover.
Reflecting the mood of the Silicon Valley, prominent media outlets from California have come out openly in support of the H-1B work visas and opposed increasing the "hire Americans" call in the United States.
The USCIS said this year it expects to receive more than 65,000 petitions.
A new law and a new study refuel the H-1B debate.
The Reserve Bank on Monday said asset quality of banks improved further and their gross non-performing assets (GNPA) or bad loans ratio declined to a 12-year low of 2.6 per cent in September 2024 on the back of falling slippages and steady credit demand. The RBI also flagged concern over a sharp rise in write-offs, especially among private sector banks (PVBs), which could be partly masking worsening asset quality in unsecured lending segment and dilution in underwriting standards.
Expansion of its development portfolio, brokerage upgrades, and strong outlook have led to a 15 per cent gain for the stock of real estate major Godrej Properties (GPL) in six trading sessions. The company recently acquired a 53-acre land parcel in Joka, Kolkata with an estimated development potential of 1.3 million square feet of saleable area with an estimated revenue potential of Rs 500 crore.
The current H-1B minimum wage of USD 60,000 was established in 1989 and since then has remained unchanged.
US to start accepting H-1B petitions from April 1.
Do you support this move by the US Governors? Do you think Indian would benefit should H1-B visas be increased?
External Affairs Minister Sushma Swaraj told the Rajya Sabha that this is an issue of concern not just for the government and the Opposition, but the entire House and the nation shares this concern
