Senate Committee Testimony: For every H-1B visa, US technology companies hire 5 workers

Refuting the allegations of US lawmakers and certain quarters here that H-1B visas take away jobs from Americans, NASDAQ’s chief has claimed that studies show that for every H-1B visa, technology companies increase employment by five workers.

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“Reform must convey economic priorities about job growth and global competitiveness. Increasing H-1B visas is simply not enough. We need to admit and keep entrepreneurs here so that the creative dynamic of our economy is enhanced by the very best skills and minds,” says NASDAQ CEO Robert Griefeld at a Congressional hearing on immigration reform early this week.

Puneet Arora, the Vice-President of Immigration Voice, told lawmakers that frustration with the US immigration system sent Wharton graduate Kunal Bahl back home in 2007 where he went and founded SnapDeal.com.   This is a rapidly growing company with over USD 20 million in annual revenue, over 400 workers and growing at the rate of 70 workers a month.  This, India’s equivalent of Groupon, has major US venture capitalists likeVinod Dham, the father of theIntel chip, investing significantly in it.

Senator Schumer’s Senate Committee hearing this week on immigration included some very compelling testimony from business leaders in the United States.  The central point to take from the hearing is that highly skilled immigrants have a very positive ripple effect on the U.S. economy.  These immigrants form companies, hire local U.S. workers, and spend money which finds its way into the local and national economy.  We need to encourage these skilled immigrants to remain here so that we do not lose out on companies such as SnapDeal.com in the future.