The H-1B visas are designed to allow US companies to hire skilled foreign workers in areas where there have been shortages in the domestic work market. India had become by far the largest beneficiary of H-1B visas, accounting for 71% of approved visas in 2024. Those on H-1B visas now account for 65% of the IT workforce in the US. On Monday morning, the share prices of India’s biggest IT companies such as Infosys and Tata Consulting Services slumped in response to the H-1B visa fee hike. One Indian worker on a H-1B visa told Indian news agency PTI there was “absolute panic”.