Best of the Week: Trump's $100,000 H-1B sticker shock

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For thousands of Indians chasing the American dream, the H-1B visa has long been a golden ticket—a way to turn ambition into opportunity. But last week, the Trump administration dropped a bombshell: the application fee has jumped from $1,000 to a staggering $100,000. While it’s a one-time charge, not an annual one, the sheer scale of the hike feels like a door slammed shut—especially for smaller businesses, schools, and healthcare institutions that simply can’t shoulder such costs.

The irony? The US has thrived for decades on the brilliance of foreign talent—think Sundar Pichai, Satya Nadella, and countless Indian engineers and doctors who’ve helped build its economy. Yet, in a climate where locals are demanding priority, Indians, who make up more than 70% of H-1B holders, are bearing the brunt. The squeeze isn’t just in the US: from the UK to Australia, countries are tightening work permit rules, leaving fewer options for Indians abroad.

For many young professionals, this isn’t just about paperwork, it’s about life plans, family sacrifices, and the hope of building a future abroad. Suddenly, that dream feels more expensive, more uncertain, and heartbreakingly out of reach.

Mint's data reporters Nandita Venkatesan and Majul Paul study the deeper intricacies of this hike in numbers and present a full report on the other nations that are also coming up with similar tighter rules for skilled foreign talent.

On to the best of Mint’s journalism from this week:

Will Trump’s H-1B crackdown affect India’s GCC boom?

India’s global capability centres (GCCs) have become the new dream recruiters—snapping up talent, driving innovation, and saving parent firms nearly 70% in costs. But with Trump tightening the screws on H-1B visas and spotlighting joblessness among US tech grads, there’s a growing fear: will GCCs be his next target?

With over 1,800 centres employing five million Indians, any move against them could ripple through campuses and boardrooms. For freshers eyeing GCC jobs and mid-level execs banking on steady growth, the uncertainty is real. Yet, there’s a flip side—could visa curbs actually push more MNCs to double down on India?

Do tax cuts really fuel growth—or just buy time?

Tax cuts sound like music to our wallets, but do they really fuel long-term growth? This year alone, India has seen both income tax relief for the middle class and GST rate cuts on essentials. On paper, more disposable income should mean higher spending and stronger demand. But history shows it isn’t always that simple.

Remember the 1997 “Dream Budget”? It revived growth without hurting revenues. Contrast that with 2009, when stimulus-fuelled cuts blew up the deficit and left India vulnerable. Even the 2019 corporate tax slash padded balance sheets but didn’t spark fresh jobs.

Boardroom battles at Tata Trusts

Ever wondered what happens when India’s largest philanthropic body hits turbulence? After nearly a year of simmering tension, the Tata Trusts saw a dramatic twist — Vijay Singh’s exit from the Tata Sons board. The vote exposed deep divisions: four trustees cited a “lack of transparency” and challenged Singh’s continuation, while others defended his legacy.

This isn’t just a boardroom spat — it touches the future of Tata Sons, with critical moves ahead on going private and minority exits. Could this rift reshape Tata’s governance?

Will GST cuts spark a consumer boom?

Have you noticed your shampoo, biscuits, or ghee costing less lately? That’s the GST makeover at work. With 12–18% rates slashed to just 5%, everyday essentials—soap, toothpaste, snacks, and dairy—are now cheaper. FMCG giants like HUL and GCPL see this as a potential boost for volume growth, particularly in rural markets where price sensitivity is high. A strong festival season and a good monsoon only add fuel to the optimism.

Could this nudge consumers from unbranded to branded goods? If volumes pick up, the benefits won’t stop at the checkout counter—companies could turn these price cuts into a growth play.

Trump vs Tylenol: Science or sensation?

Trump has linked Tylenol use during pregnancy to autism, igniting a storm of debate. On 22 September, he vowed to curb its use, urging pregnant women to “fight like hell” against taking it. But medical experts worldwide call the claim “unfounded,” citing decades of safe use and studies showing no clear link. So, is this caution or controversy?

While Trump references large studies, top health bodies—including the WHO and the UK’s NHS—warn against raising alarm without conclusive evidence. For pregnant women, managing high fever safely remains the priority.

China’s export engine slows but keeps running strong

China’s exports grew just 4.4% in August, the slowest in six months, as shipments to the US plunged 33% under Donald Trump’s renewed tariff regime. Yet, the much-touted “China export slowdown” is far from a halt. Over the past decade, Beijing has diversified markets, deepened trade ties in Africa and Latin America, and built factories across Asean to bypass tariff risks.

At the same time, Chinese firms have climbed the value chain through heavy R&D spending and innovation. The result: resilience. Even under pressure, China still commands 14.5% of global exports and shows no signs of retreat.

Centre watches closely as GST cuts kick in, eyes consumer benefit

India’s biggest GST reform took effect this week, slashing rates on a range of goods and services. The government said it will keep a “discreet oversight” to ensure companies pass on tax cuts to consumers rather than pocket the gains. While formal anti-profiteering checks ended earlier this year, officials say the Competition Commission of India could be roped in if profiteering emerges.

Companies from LIC to Whirlpool have already advertised price cuts, boosting confidence that households will see relief. Finance minister Nirmala Sitharaman has stressed that delivering this benefit to consumers is her next big test after the GST overhaul.

Porter delivers a rare win in India’s messy logistics market

Porter has turned one of India’s toughest markets, intra-city logistics, into a profitable business. From helping kirana stores to FMCG brands move goods faster, the startup has become the go-to solution for small and mid-sized businesses.

Founded in 2014, Porter posted its first profit in FY25 with revenue up 57% to ₹4,342 crore. Its asset-light “density model” connects two million SMEs with reliable fleet operators, slashing inefficiencies. Backed by investors like Kedaara and Wellington, Porter is raising up to $300 million at a $1.2 billion valuation, while fending off rivals and navigating fresh GST uncertainties.

Indian shrimp exporters reel under tariffs and looming US anti-dumping duty

India’s shrimp industry faces a crippling blow as US tariffs on exports have surged to 58%, with a proposed “Indian Shrimp Act” threatening an additional 40% anti-dumping duty. The US buys over half of India’s $5.2 billion shrimp exports, but orders have now stalled, hitting farmers and processors that support 16 million livelihoods.

Ratings agency Crisil expects exports to the US to fall nearly 20% in 2025-26, eroding margins of firms like Avanti Feeds and Apex Frozen Foods. With Ecuador, Vietnam and Thailand gaining ground, India must urgently diversify exports and support farmers to prevent sector collapse.

NPS opens the door to 100% equity bets

From 1 October, National Pension System (NPS) subscribers outside the government fold can choose schemes with full equity exposure for the first time. It’s a big shift for a product that began in 2004 as a cautious, government-employee plan with little space for risk.

Over the years, NPS has evolved, its assets have ballooned 360-fold in 15 years to ₹14.36 trillion, aided by wider eligibility and unique tax breaks. While government staff still account for three-fourths of the corpus, the fastest growth is coming from corporates and the general public, especially younger and first-time investors.

The new equity option fits this profile: under-30 subscribers now form a large share of NPS’s non-government base, and they’re more open to equity investing.

That's all for this week. I hope you have a pleasant weekend!

If you have feedback, want to discuss food, movies and shows, or have anything else to say about our journalism, write to me at shravani.sinha@livemint.com or reply to this email. You can also write to feedback@livemint.com.

Best,

Shravani Sinha

Senior Correspondent.