Infosys co-founder NR Narayana Murthy on Friday said doubling of H-1B visa fee by the US government will not have an "impact" on domestic IT sector growth.
"I don't think it is an issue at all, $2,000 or $4,000 that doesn't matter. The important thing is that you have to provide excellent value to customers," Murthy told reporters after meeting Telecom Minister Ravi Shankar Prasad.
Murthy's statement is in contrast to the concerns raised by industry watchers who said such a steep hike in work visas would weigh on margins of IT companies.
The US government has increased the fee to $4,000 for H-1B visas and $4,500 for L-1 visas. These work permit visas allow companies to hire highly-skilled workers from other countries when there is non-availability of such workers in the US.
"These are issues that need to be discussed and I have no doubt at all that value of Indian IT services industry is so high to the US corporations that some of these issues will not come in the way of the growth of the Indian IT industry," PTI quoted Murthy as saying.
The Indian IT sector did not expect such a steep hike in visa fee, though it was prepared for an increase.
"I am a foreigner. As far as the US government is concerned, it is their right to take whatever decision they want in the best interest of the US," Murthy said.
Doubling of H-1B visa fee by the US is expected to cost Indian IT companies nearly $400 million. Rise in visa costs will hit the service-based IT companies the most, while it will also affect product development companies.
With the US heading for Presidential elections next year, the H-1B visa issue has grabbed the attention of the lawmakers in the country.
