2 hrs ago
Fact Check: Indian Markets Did Not Collapse After US IT Curbs
A US official shared a post saying India’s stock market had collapsed after new US rules for IT companies.
Anthony D’Esposito reacted to that claim by saying, “Ruh Roh.”
The US had announced curbs on eight technology companies.
Several of those companies were from India.
But the Indian stock market had already closed for the day before the announcement.
The next day, India’s main stock indexes opened higher.
IT shares also saw strong buying.
So the article says the claim that the market collapsed because of the announcement was misleading.
Anthony D’Esposito mocked a post claiming Indian stocks collapsed after US immigration curbs.
The US announced curbs on eight IT firms on October 8, including major Indian companies.
US Labor Secretary Keith Sonderling said the firms had sought nearly 3 million foreign workers since 2009.
Indian markets had closed hours before the announcement, according to the article.
On October 9, the Nifty 50 and Sensex opened higher, with IT stocks seeing strong buying.
- Who
- Anthony D’Esposito, the US Department of Labor inspector general, reacted to a claim about Indian markets; the US also announced curbs on eight IT firms.
- What
- A fact check found that Indian markets had not collapsed after the US announced curbs on IT firms.
- Where
- The United States and India.
- When
- The curbs were announced on October 8; Indian markets opened higher on October 9, according to the article.
- Why
- The claim linked an alleged Indian market collapse to US immigration and foreign-labor curbs, but Indian markets had closed before the announcement and opened higher the following day.
Claim of Market Collapse
Article’s Fact Check
Market reaction to US curbs
Claim of Market Collapse
A post shared by Anthony D’Esposito claimed the Indian stock market had completely collapsed after the Trump administration suspended H-1B and foreign-labor programs over fraud.
Article’s Fact Check
The article says Indian markets had closed hours before the October 8 announcement and opened higher on October 9, with IT stocks seeing strong buying.
Effect on American workers
Claim of Market Collapse
Keith Sonderling argued that the firms’ foreign-worker requests and approvals represented jobs taken from American workers.
Article’s Fact Check
The article reports Sonderling’s figures but does not independently establish that the foreign-worker programs took jobs from American workers.
Key facts
- US announcement
- Curbs on eight IT firms were announced on October 8.
- Companies named
- Cognizant, Infosys, Tata, Wipro, HCL, Capgemini, Microsoft and Adobe.
- Foreign-worker requests
- Keith Sonderling said the companies had requested almost 3 million foreign workers since 2009.
- Visa approvals
- Sonderling said the companies received more than 230,000 H-1B visa approvals.
- Labor certifications
- Sonderling said the companies received more than 100,000 permanent labor certifications.
- Nifty 50
- Opened at 22,303.35 on October 9, up 70.55 points or 0.32%.
- BSE Sensex
- Was trading at 71,747.82 on October 9, up 154.5 points or 0.22%.
Quotes
Anthony D’Esposito
US Department of Labor Inspector General who shared and mocked the market-collapse claim.
“Ruh Roh.”
wionews.com
Keith Sonderling
US Labor Secretary discussing the firms’ foreign-worker requests and approvals.
“Since 2009, just these companies alone have requested almost 3 million foreign workers. They received over 230,000 H-1 B visa approvals and over 100,000 permanent labour certifications.”
wionews.com
Sources
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