Washington’s abrupt move to slap a US$100,000 charge on new H-1B visa applications has rattled markets, hitting India’s flagship technology shares and trimming both the Nifty 50 and Sensex. But history shows that when America raises barriers to skilled immigration, global companies don’t cancel their projects – they shift them offshore. The H-1B visa has been a quiet engine of US dominance in technology and innovation. A decade ago, when visa fees rose and quotas tightened, US multinationals responded by expanding their Indian delivery centers. America’s own success story—its dominance in tech and innovation—owes a great deal to the very visa it is now pricing out of reach.