Their spending power in India should be crazy. Like be able to afford mansion crazy.
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- Thread starter siegecrossbow
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Their spending power in India should be crazy. Like be able to afford mansion crazy.
For basic neccesities, yes. However, India is yet to fully industrialize, and has to import most products/parts of high technological value. And on top of that there is an ridiculous level of taxes on those items (~minimum 28% tax on cars). But I guess you win some, lose some overall.
Apparently US raising H1B fees will result in a humanitarian crisis, according to the Indian government. Also Indian government is directly aiding the H1B holders to return to the US.
These guys really have no shame do they. Like they apparently have it worse than kids getting bombed in Gaza right now.
Indian government’s rationale may be lots of people in India depends on remittance from guest workers in the US to survive.
FriedRiceNSpice
Major
Well they should reform and fix their own country instead of dumping cheap low quality labor in other countries. For the import/export of products, there are already anti-dumping duties - so why not apply the same to labor?
Not just mansions - literally mansions filled with domestic laborers and private chefs. Many of the Indian engineers (whom were rather mediocre engineers) here have their families in India living like feudal lords. They live very frugally in the US (ie renting a closet to live in), thus contributing very little to the local economy while sending their money home as their retirement strategy.
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Well, India‘s current account deficit in Oct-Dec 2024 was 11.5B. Without remittances of 35.1B and services export of 51.2B, the deficit would have been a LOT higher. If the new rules stays, India will be facing some difficult times ahead.
I expect Indian rupee to devalue similar to how Pakistani rupee devalued massively. That will take down their vaunted GDP figures by several notches.
FriedRiceNSpice
Major
Only difficult times enable people to realize that a different way of doing things is needed.