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“MAKE INDIA THE BIGGEST SOFTWARE MARKET IN THE WORLD,” URGES MUKESH AMBANI AT NASSCOM

 
 
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“MAKE INDIA THE BIGGEST SOFTWARE MARKET IN THE WORLD,” URGES MUKESH AMBANI AT NASSCOM
by System Administrator - Friday, 17 February 2017, 2:11 AM
 

By: M.S.Yatnatti Editor and Video Journalist Bengaluru : "Actually Trump might be a blessing in disguise for India - it will force Indian talent to focus on solving problems in India,” said Reliance Industries Ltd. Chairman Mukesh Ambani at the NASSCOM Leadership Forum, referring to Indian information technology companies' fears that Trump's policies may result in fewer U.S. visas for their engineers.Trump can be trumped after all he is a businessman and his decision can be taken as blessing in disguise . Indian IT companies have visa independent global delivery model where it reduced the total effort onsite (at the client location) in a project from about 30% on an average to just 10%. "Andthis 10% will be delivered by local hires. Indian IT is also likely to find significant support among its US customers. The Indian software industry, has largely been responsible for building as well as maintaining the information infrastructure of most large US corporations. It plays a very critical role in the success of US corporations,that tampering with it wouldn't be easy.IT companies conducted several pilots and all of them were very successful,"The global downturn and "Buy American and hire American” theory has brought along with it new opportunities. It is for the industry to identify the opportunities and move ahead," Indian IT companies can hire American and sell American and make killing profits in America as American IT companies hire Indian and sell Indian and make killing profits in India . "Make in India American products” "The Indian industry will continue to do well if they learn that there are no easy pickings any longer." And that's true of all companies, irrespective of their size..The US was teaching all countries Globalization and now suddenly talking localization "Buy American and hire American”. Investors from around the world, including in the City of London, will be listening carefully for how America'sDonald Trump is set to sign an executive order to overhaul the H-1B & L-1 visa programmes, which let tens of thousands of Indians work in the US, drove tech stocks down and sparked speculation in the IT sector about an uncertain future. Indian business experts predict that Indian IT companies can outsmart any trade barriers created byDonald Trump as they are listening this since the days of his election campaign.India need to remember late Dewang Mehta, the chief lobbyist for India's fledgling software services industry, carried off both with aplomb, convincing businesses that at the stroke of midnight of the new millennium, their computer systems would crash because old programs measured years in two digits instead of four. The solution, he persuaded them, was to let a horde of techies from Bangalore and Hyderabad go through each line of code and fix the Y2K bug.

The Trump administration is expanding the scope of its immigration squeeze by targeting the foreign guest worker visa programme amid a furore in multinational corporations and a mutinous ferment in US government circles and this was expected .Point to be noted is Indian IT companies have maturedsuch situations in the past many times and have bravely faced the slowdown of economies in the US . Globally engaged America is reportedly still coming to grips with the Trump decree staunching refugees and travel from se ven Muslim nations when it was revealed that a new presidential order, aimed at overhauling the guest worker programme that includes the H-1B visas, is in the works.Reportedly Technology companies, primarily in the US and India, have long used the visas to bring skilled foreign talent to America, in effect providing a route for Indian students and professionals to emigrate to the US."It's part of a larger immigration reform effort that the president Trump will continue to talk about through executive order and through working with Congress," Reportely the White House spokesman Sean Spicer said recently , virtually confirming that the nearly-two-decade visa regime over three administrations, which has effectively facilitated the immigration of more than 500,000 Indians to the US since 1990, will now change.Over 60% of Indian IT revenues comes from the US. Five top Indian IT companies lost Rs 33,000 crore in market cap in a single day on Tuesday following uncertainty about the new environment in the US.Ahead of the expected executive order, lawmakers have introduced legislation mandating an increase in the minimum salary for H-1B visa guest workers to $130,000 (from the current $60,000) in an effort to shut down low-cost arbitrage that both US and Indi an companies have used to improve their bottom line, but which critics say has depressed wages and come at the expense of American workers.The flurry of presidential decrees on travel and immigration has unnerved corporate leaders, including Silicon Valley honchos.The heads of corporations as diverse as Goldman Sachs, Ford Motor Company and Google dissented from Trump on the issue. Reportedly India had conveyedits concerns to US.India has conveyed its reservations over the move to overhaul H-1B visas. "India's interests and concerns have been conveyed both to the US administration and US Congress at senior levels," MEA spokesperson Vikas Swarup said.

Let more American companies set up their shop in India and make In India label it as American product and sell in America . An investor (Including a foreign entity1) can start operations in India by incorporating a company under the provisions of Companies Act, 2013 including related Rules, Circulars, Notifications, Orders and subsequent Amendments (http://www.mca.gov.in/MinistryV2/companiesact.html).This Act regulates incorporation of a company, manner of conducting the affairs of a company, responsibilities of its directors and dissolution of a company. Ministry of Corporate Affairs (MCA) is responsible for ensuring compliance with provisions of the Companies Act, 2013 through the offices of Registrar of Companies (ROC) and the Regional Directors (RD).As company set-up in India can either be private limited or public limited: Private limited company: The key features of a private limited company in India are as follows: It requires a minimum of two shareholders and two directors (both of them can be foreigners). One of the directors has to be resident in India.The number of shareholders cannot exceed 200.It cannot invite the public to subscribe for any securities of the company and which by articles restricts the right to transfer its shares.It can raise debt in foreign currency in the form of external commercial borrowings.Public limited company: A public company is defined as one that is not a private company. A subsidiary of Indian public company is also treated as a public company.A public company is required to have a minimum of 7 shareholders and 3 directors. One of the directors has to be resident in India.There are limits placed on remuneration paid to the directors.

In order to facilitate the investors for setting up companies in India, Government of India has developed an e-Filing portal called MCA21 (http://www.mca21.gov.in/). Applicant is required to do e-Filing for Companies/ Limited Liability Partnerships (LLPs) registration on MCA21 portal, where he/ she has the facility to download the e-Form and fill it in an offline mode (http://www.mca.gov.in/MinistryV2/AboutFiling.html).Applicant would need to be connected to the internet to carry out the pre-fill and pre-scrutiny functions for e-filing. The filled up e-Form as per relevant instruction kit needs to be uploaded on the MCA21 portal. On successful upload, the Service Request Number (SRN) would be generated and Applicant would be directed to make payment of the statutory fees. Once the payment has been made the status of payment and filing status can be tracked on the MCA portal by using the 'Track Your Payment Status' and 'Track Your Transaction Status' link respectively.