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Competes Act
The U.S. House of Representatives has introduced the ambitious 2022 Act to create opportunities for America’s manufacturing, preeminence in technology, and economic strength, or America COMPETES Act of 2022.
It would mean more opportunities in the US for Indian talent and skilled workers.
Every year, Indians and Indian companies corner the lion’s share of H-1B work permits issued that year.
With this new category, Indian professionals will probably have a better chance of opportunities than the law is likely to offer.
$ 52 billion to further encourage semiconductor production in the U.S.
$ 45 billion for grants and loans to improve supply chain resilience and manufacturing, among other programs.
Funding to address social and economic inequality, climate change and immigration.
For example, it offers an exemption for STEM PhDs from the green card limit and creates a new green card for entrepreneurs.
The bill authorizes $ 600 million a year to build manufacturing facilities to make the United States less dependent on solar components manufactured in Xinjiang, China.
It creates a new “W” classification of nonimmigrants for employers with a stake in a newly created entity, essential employees of a newly created entity, and their spouses and children.