The Trump administration has announced a new $100,000 application fee for H-1B visas, in the latest move to crack down on immigration and protect U.S. workers. The move has rattled the tech sector, with top companies urging their employees holding the visa not to leave the U.S.
The impact: India has been the largest beneficiary of H-1B visas, accounting for 71% of the visa holders in the U.S. last year. Most of these visas go to STEM professionals, and outsourcing companies has seen the most H-1B approvals yearly since 2020. News of the H-1B application fee dragged top Indian tech stocks like TCS, Infosys and Wipro lower on Monday