The decision of the US to suspend fast-track H-1B visas will hurt India in the ‘short run’ but will hugely damage the American economy, former chief economist of the World Bank Kaushik Basu said on Thursday.
“US suspension of fast track H-1B visas. Will hurt India in the short run & then help. But will do huge damage to US,” Basu, who is currently professor of economics at Cornell University, said in a tweet.
The US has announced that from April 3, it would temporarily suspend the ‘premium processing’ of H-1B visas, which allowed some companies to jump the queue, as part of overall efforts to clear the backlog.
The suspension came even as New Delhi pressed for a fair and rational approach on the matter from a trade and business perspective.