President vows new trade approach
Tech industry association Nasscom on Thursday welcomed President Joseph Biden’s commitment to review and make necessary changes to ‘harmful regulatory policies’ put in place by the Trump administration.
Mr. Biden had pledged a new approach on trade and immigration, as well as a ‘renewed and revitalised’ interest in science and technology, Nasscom noted.
A key challenge the tech sector faces is the lack of talent in science, technology, engineering and mathematics in the U.S., highlighted by the ‘high degree of overall unemployment’ in the country. There were more than 750,000 technology job vacancies in the U.S. as on January 11, a 20% increase since May 2020, as per a Nasscom statement.
“That is, despite the high degree of overall unemployment in the U.S, demand for high-tech skills continues to remain robust — [indicating] there are just not enough workers with relevant skills to fill them. The rules announced by the previous administration will worsen this talent gap. Nasscom has been actively engaged with U.S. policymakers on these issues, and we look forward to working together with the new U.S. Administration to find solutions to the STEM skills gap, and enable America to be more competitive, to grow and create more jobs,” it added.
Nasscom said its member companies work with more than three-quarters of the Fortune 500 companies in the U.S., providing them ‘vital technology services and helping them innovate, compete and grow’. India-U.S. bilateral trade had risen from $37 billion in 2005 to $149 billion in 2019, Nasscom added.
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