Tags: Donald Trump | donald trump | risk factor | wipro | india

India Tech Firm: Trump a 'Risk Factor' to Business

India Tech Firm: Trump a 'Risk Factor' to Business
President Donald Trump (AP Images)

By    |   Friday, 09 June 2017 01:55 PM

President Donald Trump is a "risk" to the one of the largest outsourcing firms in India, CNN reports.

Wipro, based in Bangalore, included Trump's election on a list of "risk factors" filed with the Securities and Exchanges Commission. This is the first time an IT company has cited a U.S. president as a potential threat in its SEC filing, according to The Economic Times.

"Significant developments stemming from the recent U.S. presidential election could have a material adverse effect on our business," Wipro said.

"On November 8, 2016, Mr Donald J Trump was elected the next president of the United States," Wipro continued. "As a candidate President Trump and his administration expressed support for policies impacting existing trade agreements, like North America Free Trade Agreement (Nafta), and proposed trade agreements, and promoting greater restrictions on free trade generally and significant increases on tariffs on goods imported into the United States."

India's tech industry was a target of Trump's April executive order calling for a review of H-1B work visas, about 70 percent of which go to Indian workers.

In May, Indian firm Tech Mahindra's vice chairman Vineet Nayyar said that the president's "America First agenda and focus on curbing the immigration, especially around H-1B visa policies, will hurt," on a company earnings call, according to CNN.

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President Donald Trump is a "risk" to the one of the largest outsourcing firms in India, CNN reports.
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2017-55-09
Friday, 09 June 2017 01:55 PM
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