9 Reasons Why The Indian Tech Community Welcomes US President Joe Biden

Joe Biden has taken up the position of the President of the United States. In a monumental move, he has already upturned 17 legislations of the Trump government on day 1. Thus, everyone has their eyes on what he will do in his presidential term. Here are 9 reasons why the Indian tech community has been eyeing his every move.

1. Immigration law

Addressing the elephant in the room, Joe Biden will send a comprehensive immigration bill to Congress. Among other things, it proposes to eliminate the per-country cap for employment-based green cards. This move will benefit hundreds and thousands of Indian IT professionals and their families in the US. According to reports, the bill is called the Citizenship Amendment Bill, 2021. It will provide an immediate pathway to green cards for individuals who meet certain criteria. Recipients of the Temporary Protected Status (TPS) or basically anyone who meets certain criteria will be eligible for US Citizenship. Further, they can apply for citizenship three years later from the passing of the bill. For those who don't meet those qualifications, there will be another path to citizenship, where they would be in an interim status for five years.

While Trump administration restricted the movement of Tech professionals in America, Joe Biden administration has overturned it. This move will benefit

2. Indian Tech Stock Market

Stocks in India's leading IT companies, such as TCS, Infosys, HCL Technologies, Wipro and Tech Mahindra are up since Joe Biden victory. From the day of the election, the IT sector has hoped for a Biden Victory, not that it made much difference other than the immigration laws.

"The Indian IT industry makes critical contributions to the US economy and workforce," states NASSCOM. This includes local investments and job creation, workforce development, upskilling their US employees, CSR and community services. Thus, with Biden's victory, India can see more export of services and a better revenue stream and expansion.

3. Better Indian Tech Export

The US is the world's largest market for India's IT industry. Only in March 2020, the Indian IT sector saw total revenue rise 7.7% YoY to $191 billion (NASSCOM). Exports of services accounted for $147 billion of the revenue. Out of that, 60% of it was from the US market. Thus, it shows how important US businesses are for the performance of the industry.

After Trump restricted H1B immigration, Indians saw their visa denial rate up by 14%. Infact, since a major share of Indian IT exports is to the US, and H1B and L1 visas are critical to this bilateral economic trade between the two nations. Thus, a change in administration and laws will mean that more Indians Engineers will get jobs. The new administration also aims to find solutions to the STEM skills gap, thus helping to grow and create more opportunities.

4. Online Free Speech

The leftist government has always backed free speech more than anything. The Trump Government, on the other hand, has criticised that Social Networking Sites have way too much freedom. Joe Biden has advocated people have too much freedom to post anything on these sites.

Both the parties think lowly of online free speech Section 230 of the 1996 Telecommunications Act. But Biden administration aims to strip away Section 230 protections, a law he has hand in making. These would result in platforms significantly restricting the content they would host, especially misinformation. It aims to hold the website responsible for misleading content by the users. Thus, it will create different standards for platforms like Facebook and Twitter as opposed to other forms of media.

5. Controlling Big Tech

Biden Administration will continue the lawsuits that Big techs are facing. Both Biden and Trump governments have accused that Google and Facebook have been breaking the law to become successful. Further, as the new administration comes, it could mean more lawsuits as well. It also certainly means that Biden Administrations aims to break the monopoly streak by these Big Tech and provide better opportunities to rising companies.

6. US-China Tech Feud

Well, one thing that won't likely change in the US' outlook of Chinese Tech. Infact, Joe Biden has similar ideas as that Donald Trump had. They both had concerns over Chinese tech ambitions and that it needs to be put under scrutiny. Joe Biden also supports the idea that the US Government needs to invest more in native tech to counter Chinese tech.

7. Increased Cyberdefenses

The pandemic-hit world has seen more than ever cyberattacks. These have put a big question on how well equipped are the Government defences. Thus, Biden’s economic revival plan includes suggestions to “launch the most ambitious effort ever” to modernize U.S. cyberdefenses, as put by Shira Ovide. "Maybe this is the year for a federal data privacy law? And there are rifts among Democrats on special employment treatment for “gig” workers."

8. Increased Diversity

The leftist government has stated that it aims to take significant steps in meeting the global IT sector’s goal of increasing diversity. They further aim to increase women participation in leading tech positions. How and when - the questions loom. But every nation, including India, is excited to see the diversity turnout.

9. Increased IT Spending

The Indian IT sector will also indirectly benefit from many other factors. Major of this includes that the fiscal stimulus package aimed at boosting the US economy will find itself entangles in investing in tech and startups. Thus, the Indian tech employees overseas will find themselves as beneficiaries of the increasing IT spending.