Information technology industry-lobbying body Nasscom feels there is no need to panic on the issue of restrictions placed by the US on H1-B visas.
Speaking to reporters at the sidelines of EmergeOut Conclave 2013, Nasscom president Som Mittal said the Indian software industry need not panic at the US Immigration Bill as some of the provisions are positive and another bill is also under preparation by the American government which is has positive features for the domestic industry.
"The impact will be on the US corporations who are our clients. They are batting for us," Mittal said.
Citing the demographic profile of the US, he said the white American population has come down while the overall population has increased there which, in turn, means the immigrant numbers have gone up.
He said there is going to be a shortage of technical personnel in the US and added that the unemployment in the technical space is below two percent.
Mittal said the bill in introduced by US senators and not by the White House and the restrictions will impact the American companies.
He expressed confidence that many of the provisions in the Bill will undergo a change.
According to him, the IT industry is expected to log around 13 percent growth this fiscal and by 2020, the industry can grow to a size of $225 billion mainly driven by new verticals, new geographies and new customers.
He said currently the US, Britain and other European markets contribute around 90 percent of the Indian IT companies turnover while there is good growth potential in markets like China, Africa, Latin America and also within India.
Mittal expects nearly 20 percent of the business would come from new geographies by 2020.
On the issue of new verticals, he said the opportunities in the transport, healthcare, utilities, media and others are fast opening while presently financial services, hi-tech and telecom and manufacturing sectors are being served by Indian companies.
Mittal said small and medium sized companies will also start contributing to the Indian IT industry's growth in the years to come.