Indian IT industry body Nasscom today said even though the US visa fee hike is discriminatory, Indian IT companies need to look at newer business models to remain competitive with global peers.

"Even though the impact on revenues still needs to be assessed, the costs (for IT firms) will certainly go up. We now need to look at newer business models to remain competitive in the global market," Nasscom President Som Mittal said on the sidelines of the Nasscom Emergeout Conclave, 2010.

He added that though business will be hit, the US will continue to be the largest contributor to the Indian IT industry's revenue.

US President Barack Obama earlier this month signed the Border Security Bill into law, which nearly doubles the application fees for H-1B and L1 visas -- which are highly sought after by Indian IT professionals -- from the earlier rate of about USD 2,300 to about USD 4,300 per application.