In the United States, the Indian information technology industry in the past five years has provided almost $15 billion in taxes. To eliminate discriminatory actions, they have to emphasize the need, said by Ranjan Mathai, Foreign Secretary. On his first bilateral visit to the United States, Mathai as the foreign secretary uttered anticipation in which the economic challenges in the United States would not move to protectionism and that the issues of the Indian information technology industry will be acknowledged as soon as possible as he expressed his thought in the Center for Strategic and International Studies.
President Barack Obama declared in his state of the union address earlier this year his announcement regarding with the tax breaks for manufacturing firms that will going to move their business back to the United States. The proclamation once again lifted concerns of protectionist economic policies as the United Stated emerges into a Presidential election this upcoming November.
Mathai emphazises that based on the leading body for the information technology industry, Nasscom, the Indian IT industry provides services for more than 200,000 other jobs that included the indirect ones, aside from improving the efficiency of several United States industries. It also employs over 100,000 individuals in the United States, increased from six years ago with only 20,000.
He added that many Indian firms are producing development centers, over the last five years Indian information technology industry provided almost $15 billion in taxes and this kind of achievement should not set aside by tight visa regulations that serves as a non-tariff boundary.
Indian IT industry paid more than $200 million in visa fees, it was based on the back of envelope analysis. Possibly almost $30 to 50 million has been collected from young promising Indians working in businesses which United States visas were declined. Mathai said that the pink slip has been a greenback, it really requires persistence in which the goal of the unfair move are obviously those who have provided logically to the conditions of reform in India, including those who have been supportive to the U.S.-India partnership.
REFERENCES:
http://profit.ndtv.com/news/corporates/article-indian-it-firms-paid-15-bn-in-us-taxes-in-five-years-says-foreign-secy-mathai-297328
http://articles.economictimes.indiatimes.com/2012-02-08/news/31034624_1_ranjan-mathai-foreign-secretary-visa
http://news.taaza.com/news/869599-indian-it-firms-paid-bn-in-us-taxes-in-five-years-says-foreign-secy-mathai.html
