New Delhi, Nov. 4 -- Senior Congress leader Jairam Ramesh today issued a sharp warning over the potential economic fallout of the proposed Halting International Relocation of Employment (HIRE) Act in the US Senate, cautioning that the legislation could deliver a major blow to India's thriving IT, BPO, consulting, and Global Capability Center (GCC) industries.
The Bill, introduced by Senator Bernie Moreno, proposes a steep 25 percent tax on US companies outsourcing work to foreign entities, a move explicitly aimed at deterring the relocation of white-collar American jobs abroad.
In a statement on social media platform X, Ramesh highlighted the severe and disproportionate effect the law could have on India, which has been a global leader in...