The business wrap: IT firms panic after salary hike suggested for H-1B visa, and 6 other top stories
In other headlines: The Economic Survey placed India's GDP growth between 6.75%-7.5%, and markets closed lower following the release of the report.
A look at the headlines in the sector:
- IT shares sink after US Bill proposes drastic increase in minimum salary for H-1B visa holders: They will need to earn at least $130,000, instead of the current annual wage of $60,000.
- Economic Survey says GDP will grow at 6.75%-7.5% in 2017-18: Tabled a day ahead of the Budget, the report also proposed a Universal Basic Income scheme for all citizens.
- Uncertainty over H1B visa policy and Economic Survey pull down Sensex & Nifty: Besides, there was a general anxiety because of the Union Budget that will be tabled on Wednesday.
- Uber and Ola have till Thursday to withdraw ride-sharing services from Karnataka: State Transport Commissioner MK Aiyappa said they could submit a petition to his department stating why they believe uberPOOL and Ola Share should be allowed.
- Fuel spill at Ennore Port spreads to Chennai’s Marina Beach, workers use buckets to scoop out oil: Environmental experts said the incident could have a long lasting impact on local marine life, which includes Olive Ridley turtles.
- ‘Father of Pac-Man’ Masaya Nakamura dies at 91: One of Japan’s leading video game industrialists, Nakamura founded Namco, which merged with its rival Bandai in 2005.
- Jaguar Land Rover to recall 6,438 vehicles in China because of defective seat belts: In a statement, the company said that it will check all affected vehicles and replace parts free of charge.