In a chat with ET Now, R Chandrashekhar , President, Nasscom, talks about the possible impacts of Barack Obama’s visit on the Indo-US ties, with special focus on the IT sector. Excerpts:Overall, the outcomes of his visit have been fairly satisfactory. The IT sector is arguably one of the defining areas of the Indo-US economic relationship. In that sense, the visible strengthening of this relationship was on display during the visit. These are very positive indicators for the sector.The statements made with regard to immigration and visa regulations are very welcome. We also understand that there has been an agreement to move forward on totalisation. This is a good thing for the industry. More than $1 billion is being paid in the form of social security taxes by the industry without any return.Also, the establishment of a high level US-India strategic dialogue to address economic and commercial relations is a welcome step. The IT industry also offered assistance in enhancing STEM education within the US where a deficit has been witnessed.In all, most of the offers that both the US and India have made are largely productive for both sides. For example, the US involvement in the smart city project, the offer of involvement in enabling broadband to communities for access to the internet, etc., are welcome.Repeated references to new tech development in different areas, support to SMEs, encouragement for joint SMEs between small entrepreneurs from the two sides are very good steps, particularly in the area of start-ups.President Obama encouraging the Indian diaspora and promising to encourage investments by the Indian diaspora into healthcare and into the rural areas are steps which could benefit both sides. It may lead to innovation and a rush of entrepreneurship.But having said that, it is not that everything is hunky-dory. There are still some areas which we need to look at. The guidance which was issued by the US through executive order on L1 visa has come, but detailed guidelines are yet to follow. If there are any restrictive provisions which we have seen in the case of some other countries, it can effectively work as a dampener. Particularly a restriction in the smooth flow of skilled personnel, which is critical for the growth of this area.When you look at this particular number in today’s context, the heavy cross-currency movements also do point to a necessity to look at it not just in dollar terms but also in constant currency terms. Looking at both of these, we would be somewhere close to the lower end of that range.