America Competes Act of 2022

The recently legislated America Competes Act of 2022 to open new doors for the talented experts from all over the world. COMPETES means Creating Opportunities for Manufacturing, Pre – Eminence in technology and Economic strength Act. The main aim of the act is to make the supply chains stronger.

Key Features of the Act

The US government has made the following fund allocations under the act:

• 52 million USD: To encourage semiconductor production in the US.
• 45 million USD: To provide grants and loans and improve manufacturing and supply chain resilience
• Also, fund has been allocated to address climate change, social and economic inequality and immigration
• The act creates new green card for entrepreneurs and also offers exemption for STEM (Science, Technology, Engineering and Mathematics) experts

The act creates a new “W” classification. They are the non – immigrant entrepreneurs.

Importance of the act

The act means that US is increasing its opportunities for Indian skilled and talented workers. The Indians use H1-B work permit predominantly. They have a major share in H1-B. the act further widens the opportunities for Indian professionals.

Background

The US Government provides specific number of VISAs every year to fill in the job vacancies. This is done to allow the low – cost highly skilled IT professionals to fill in the vacancies. Through these VISAs the companies in foreign soil send their employees to the US. The companies gain knowledge as asset and US gains cheap workers. The following VISAs are offered:

• H1-B visa: They are issued for people in Specialty operations. The people should have higher educational qualification to obtain this visa. It is popular among Indians
• H2-B Visa: They are for seasonal workers in hospitality industries
• L-1 Visa: The VISA allows the American companies to transfer workers to American soil for a period of seven years
• H-4 Visa: It is used by the dependents of H-1B Visa holders

J-1 Visa: It is used by students entering American soil for study purposes

Month: Current Affairs - January, 2022

Category: International / World Current Affairs • Legal & Constitution Current Affairs