The race for the world’s most influential and perhaps the most responsible role has ended. Joe Biden, the Democrat leader, will be inaugurated as the 46th president on January 20, 2021.
Joe Biden’s victory and the return of liberal Democrats to power in the US have brought optimism to the Indian IT industry and the global tech industry at large. Indian IT sector has welcomed the change with open arms for obvious reasons.
The last few years have been unpredictable and challenging for the Indian IT services sector, primarily due to the outgoing president, Donald Trump’s policies around H1B visas and other immigration issues. The Indian IT services industry has traditionally depended mainly on the US market, with nearly 60% of the revenues of the top Indian IT services firms being contributed by this market. The Biden administration is expected to be less hostile and more liberal with immigrant policies, which, if it happens, will be a great boon for Indian tech firms.
What does Joe Biden’s win mean for the Indian IT Industry?
Will Biden reverse Trump’s immigration policies?
India has been an essential contributor of high-skilled talent—especially STEM (science, technology, engineering and mathematics)—for the global market. Trump administration’s strict visa regime led to a backlash across the globe as it further worsened the skill shortage challenge in the US. It was not just the Indian IT firms that expressed concern over this move. Many US-based tech giants –including Amazon, Microsoft, Netflix, Facebook and Twitter—said that Trump’s move could damage IT firms and impact the delivery of new products/services. It indeed questioned the Indian tech industry’s decade-old ‘talent model’.
All of that is expected to change now—sooner or later. Indian firms and industry experts have been quite vocal about their optimism and how the leadership change in the US would be a positive development for the industry.
“NASSCOM congratulates US #PresidentElect @JoeBiden on his win. We look forward to working with him and his administration in pivoting technology, skills and digital transformation for the United States,” tweeted the apex body right after Biden was announced as the president-elect.
Silicon Valley firms are equally hopeful that Biden’s relaxed policies will help them effectively address the skills gap—a growing concern for all big tech companies.
More than the policy change, Biden’s victory has brought a much-needed morale booster for the global tech industry. We are going through a time when Covid-19 has wholly reshuffled the deck, and technology has been considered the biggest shot in the arm. Liberal policies that promote unrestrained talent flow and knowledge sharing beyond geographical boundaries have never been more critical.
Tech in the Biden Era – Biden’s Presidency and its Impact on Global Tech
Biden administration’s policies and approach are expected to bring many positive changes for the global tech industry broadly. These include improved collaboration at the global level to address challenges and opportunities around cyber security, AI, Robotics and tech-enabled climate change solutions.
Biden’s stand towards trade tariffs is another area the global tech community eagerly watches. While Biden may not wholly reverse Trump’s Trade War against China, it has been said that Biden will likely have a more lenient approach. Trump’s Huawei ban, for example, has had a ripple effect in the global tech industry, with sales of US suppliers like Qualcomm, Broadcom, Microsoft, and Google predicted to take a hit.
Why Biden’s Victory Bodes Well For The Tech World?
The tech world is waiting to see the new administration’s decisions around antitrust and net neutrality. At the same time, the Biden-Harris administration will likely take a pro-tech approach and pave the way for better opportunities for startups and more mature discussions around data protection/privacy and a brighter roadmap for emerging technologies like AI.
The next four years of the Biden era will likely present new windows of opportunity to the tech world.
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