The United States House of Representatives unveils the ambitious America COMPETES Act of 2022.

29 Jan,22 9:30 am
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America Competes Act of 2022: The United States House of Representatives, On January 25, unveiled the ambitious America Creating Opportunities for Manufacturing, Pre-Eminence in Technology, and Economic Strength Act of 2022 ( in short America COMPETES Act of 2022).

COMPETE Act of 2022 proposes to open up new vistas for talented individuals from across the world with a new start-up visa.

Key Features of the Act:

  • The act is an important step forward in advancing the legislation that would establish new innovation initiatives and set funding targets that, if met, would add billions of dollars to the current annual budgets of selected research agencies.
  • It would also help to outcompete China and the rest of the world for decades to come.
  • The Bill provides 52 million USD to encourage semiconductor production in the US and 45 million USD to provide grants and loans and improve manufacturing and supply chain resilience.
  • In addition, fund has also been allocated to address climate change, social and economic inequality and immigration
  • Furthermore, the Bill also authorizes 600 million USD a year to construct manufacturing facilities to make the US less reliant on solar components made in Xinjiang, China.
  • 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.

Objectives of the Act:

  • The main objective of this act is that it seeks to represent the sort of transformational investments in the American industrial base and research and development that helped power the US to lead the global economy in the 20th century.
  • It also helped to expand opportunities for middle-class families.

Importance of the act for the Indians:

  • It would mean more opportunities for the Indian talent and for skilled workers in the US.
  • 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:

  • Every year, the US administration 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.

Visas offered by the US Government:

  • H1-B visa: They are issued for people in Specialty operations.
  • The people should have higher educational qualification to obtain this visa.
  • This visa 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

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