Sidhartha Shukla Moneycontrol news
Contrary to popular perception that India has been taking away jobs from US, Indian companies are doing their bit to create employment in the country.
Speaking to Moneycontrol News, Partha DeSarkar, CEO of Hinduja Global Solutions (HGS) said that the company has hired around 6,000 people in North America, who are local Americans and Canadians.
"About 42 percent of the company’s revenue comes from onshore US, so we have created a lot of jobs in the US. We are hiring local Americans," he said.
"We have not transplanted employees on H-1B visas," he said.
Since becoming the 45th President of the US, Donald Trump has signed a flurry of executive orders to fulfil his campaign promise of 'America First' and making the country great again by bringing back jobs.
From repealing the Trans Pacific Partnership (TPP) agreement to introducing a travel ban on immigrants coming from seven Muslim countries in the Middle-East, President Trump has been relentless to deliver on his protectionist policy measures.
The new reforms proposed in the H-1B visa programme have particularly been a thorn in Indian IT/BPO sectors flesh, as doubling salary of visa holders to USD 1,30,000 could lead to large-scale job losses and incur a hefty cost on them.
Commenting on the ambiguity surrounding the policies under Trump administration he said, "There is a lot of confusion in the market place; nothing is concrete as of yet."
"America imports a lot of goods and services from around the world at very competitive prices and that’s what makes them affordable to the American consumer. Now, all of a sudden taxes are imposed then they [American citizens] will be cut off from cheap imports and the question is whether they can produce them locally at competitive prices and whether it will increase the price of the final good, whether it will drive inflation, so those are all related questions," he said on the floating idea of a border tax in the House Republicans.
The company announced its third quarter earnings result this month where the company's net profit increased 136 percent to Rs 47.2 crore year-on-year (YoY) with margins of 4.9 percent and net sales increased 8.3 percent (YoY) to Rs 9,56.3 crore.
HGS won an order from a Canadian cable TV operator which is expected to bring around USD 12 million annual revenue, DeSarkar said.
On the margin front he said that the company would like to sustain margins at these levels but warned that there might be a small dip in Q4 because of the strengthening of Rupee.
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