Karnataka government approves the 70% local jobs policy

Karnataka government approves the 70% local jobs policy. This is a new industrial policy for 2020-25, that aims to allocate 70% of the total job openings to Karnataka people.

Karnataka govt. approves 70% local jobs policy

The industries Minister of Karnataka, while announcing this policy says that the state aims to attract Rs.5 lakh crore worth of investments. Under this policy, around 20 lakh job opportunities will be provided.

This new policy will also help Karnataka to become third in merchandise exports in the whole country. Currently, it is in the fifth position. The state is also aiming for a 10% increase in industrial growth. In order to achieve this, the state is promoting industrial activity in areas other than Bangalore

The investment promotion will also be provided to the companies based on the turnover. These companies will receive 10% of the turnover per year, until 5 years. Exemption of stamp duty, concession on registration charges will also be provided.

These companies will also be provided with reimbursement of land conversion fee. But for medium, large, and mega industries the investment subsidy will be of 1.75% to 25% for a total period of 5 to 10 years

Also, read: Indian companies lack empathy: Ratan Tata

Under this new policy, the state also wants to develop private industrial parks which helps in providing several job opportunities

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Trump plans to sign restriction orders for the H1B visa

The US President Trump plans to sign restriction orders for the H1B visa. This is an executive order which restricts the issuing of new H1B, L1, and other temporary work permit visas. The main motive of this idea is to improve local employment in the USA

Trump plans to sign restriction orders for H1B visa

Trump believes, by this order, almost everyone in the country will be happy and would welcome this decision. Although he believes that they will always be a few exceptions.

The USA is having many unemployment problems right now. The unemployment rate in the country has risen rapidly due to the coronavirus pandemic. Hence, Trump plans to sign restriction orders for the H1B visa

This move impacts the foreign workers especially Indians who are already scheduled to move to the US from October 1, 2020, once they receive their approval orders. Indians contribute to 70% of 85,000 visas issued every year.

Read more: H1B visas integral for COVID recovery: Tech giants to Trump

Does this affect the current visa holders?

Analysts predict that this move might not affect the people who are already present in the USA currently. This move will affect US tech giants more than that of Indian tech companies. Indian companies started hiring local talent for the last few years opposite the US companies that rely mostly on foreign workers.

In the fiscal year 2019, seven of the top 10 companies that rely on H1B visas are US companies. According to the data from USCIS, the share of Indian companies in H1B visas dropped from 51% to 24% from 2016-19

The unemployment rate for Computer Science in the USA is dropped from 3% to 2.5% from January to May, this year. For other sectors, it increased from 4.1% to 13.5% in the same period.

Recently, in April, Trump signed an order tor restrict Green cards, and some resident permits for a period of 60 days.

Read more: Are temporary jobs on the rise?

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