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Y-Axis founder Xavier Fernandes warned that US immigration curbs could hurt its tech industry, calling Indian talent “the new oil”. With a $100,000 H-1B visa fee and stricter policies, many skilled workers are now exploring countries like Canada and Australia, raising concerns of a long-term talent shift away from the US.

Talking about the immigration crackdown in the US, Xavier Fernandes, founder of immigration consultancy Y-Axis, offered the sharpest assessment of what is at stake. Speaking to CBS, he pointed out that Indian skilled workers are as precious as oil and gas, and the new immigration policies are going to be detrimental for America in the long run.

Fernandes said that Hyderabad alone has produced a disproportionate share of America's technology leadership. "Many CEOs are from Hyderabad. It's just a breeding ground of tech." His broader argument was direct, "Indians are the new oil, coal, or gas. It's brainpower to run the modern day industries." On whether that calibre of talent can be sourced domestically in the US, he was unequivocal. "That kind of talent, you can't manufacture it. It's not a thing that you can get locally."

It is a point even President Trump has, in his own way, conceded. Trump acknowledged last year, "You do have to bring in talent you don't have." According to data from the University of Southern California cited in the CBS report, over 70 per cent of H-1B holders in 2024 were Indian nationals.

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