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US President-elect Donald Trump voiced his support for the H-1B visa program on Saturday, siding with Tesla CEO Elon Musk amidst escalating tensions within his political base. The program, which enables US companies to hire skilled foreign workers, has sparked controversy among some of Trump's supporters who advocate for stricter immigration policies."I have many H-1B visas on my properties. I've been a believer in H-1B. I have used it many times. It's a great program," Trump told The New York Post.The remarks follow Musk's Friday pledge on social media to "go to war" in defense of the visa program, a response to criticisms from far-right activists. These activists had questioned Trump's decision to appoint Sriram Krishnan, an Indian-American venture capitalist, as an advisor on artificial intelligence, citing concerns over potential influence on immigration policies.Divisions within Trump's support baseTrump's endorsement of the H-1B program has ignited a rift among his supporters. Figures like Steve Bannon have criticized the tech sector's reliance on foreign workers, alleging the program undercuts wages for Americans. Bannon described Musk as a "toddler" on the issue and called H-1B visa holders "indentured servants" exploited by big tech companies.Musk, who previously held an H-1B visa and whose company Tesla obtained 724 of these visas this year, countered such criticisms, arguing that the program is essential to maintaining America's competitive edge. "Luring elite engineering talent from abroad is essential for America to keep winning," Musk posted on X, the social media platform he owns.Trump's immigration planTrump's stance on H-1B visas contrasts with his campaign promises to curb immigration and prioritize American jobs. While he has pledged to deport undocumented immigrants and impose tariffs to boost domestic employment, his recent comments suggest a nuanced view of legal immigration policies.The tech industry, heavily reliant on H-1B visa holders, has highlighted a shortage of highly skilled workers within the U.S. Musk and other industry leaders have argued that the visa program fills critical gaps in the workforce.However, the divide within Trump's camp underscores the challenges ahead as he prepares to assume office in January. Critics fear his alignment with tech leaders like Musk could signal a shift away from the hardline immigration policies that defined his campaign.

The trend of FII selling in Indian equities continued into December, with net outflows reaching Rs 656 crore so far. However, the pace of selling has slowed considerably compared to the more aggressive outflows observed in October and November.For 2024 till 27th December, FIIs net sold equity for Rs 1,19,277 crore through the exchanges.While early December saw occasional buying, FIIs turned sellers again.Interestingly, the FIIs invested Rs 1,20,932 crore through the primary market, making them net investors in India so far this year.“An important characteristic about FII investment is that they have been consistent investors of equity through the primary market,” highlights V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services noting that in December alone, FIIs invested Rs 17,331 crores in the primary market.“The selling through exchanges is mainly due to the high valuations and investing through the primary market is mainly due to the fair valuations,” he added.Data from the National Securities Depository Limited (NSDL) reveals that the debt market too has seen significant FII interest, with investments totaling Rs 112,409 crore so far this year.Also read: 12 stocks with record dates for dividends, bonuses, splits, rights issue next week. Do you own?Looking ahead to early 2025, a potential resurgence of selling pressure in the equity market.“In early 2025 FIIs may again turn sellers into equity since the dollar has been appreciating (dollar index is above 108) and the US 10-year bond yields are attractive at around 4.4%,” believes Vijayakumar.He also noted that FIIs are likely to return as buyers when there are clear signs of growth and earnings recovery in the Indian economy.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)