US to stop sending back its employees to India, with US companies facing a loss of more than $50 billion

India has asked the US to cancel the US$50 billion contract for American companies to operate in India and stop sending employees back to the country, according to a statement from the US Department of Commerce.

The department said in a statement on Thursday that the decision would affect an estimated 10,000 employees.

It said that it was also considering the issue of the US’ decision to pull out of the $400 billion (S$543 billion) India-China free trade agreement, which the US had signed with China last year.

It also said it would consider other options for “protecting US interests”. 

In a statement, the department said the US and India had reached a strategic partnership, which includes joint ventures and infrastructure projects. 

“We are hopeful that the agreement will lead to improved US-India trade and investment, and that it will facilitate continued economic growth in both countries,” it said. 

According to a report in The Wall Street Journal, the Indian government has been trying to secure the US visa waiver for the last few months, and it has been pushing the US government to waive the visa requirement in the wake of the terrorist attacks in Paris. 

The announcement comes a day after the US president said that the US was looking to pull its employees from India in the near future. 

In his address to Congress, President Donald Trump said the United States would not renew its $400 million visa waiver deal with India, a deal that has provided tens of thousands of US jobs to the Indian people. 

It said in its statement that it had agreed to “consider other options” for protecting US interests, including withdrawing the $500 million in funding for US firms that had signed agreements with India and to the US Government Accountability Office.


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