OPINION, P10 WELL BEING FE LINES Cold showers, ice plunges or facial ice dunks are becoming increasingly popular, but experts advise caution Page 9 Once a novelty, they have become a frontline tech tool now Page 6 TAKING THE PLUNGE IN COLD WATER THERAPY Rendering interim justice ACROSS THE AISLE, P CHIDAMBARAM Dashcams go mainstream LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL 18 NO. 38 CULTURE CALENDAR LUCKNOW 26 Pages, `12 FINANCIAL EXPRESS ON SUNDAY SUNDAY, SEPTEMBER 21, 2025 F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , L U C K N O W , M U M B A I , N E W D E L H I , P U N E CBC 15502/13/0019/2526 P U B L I S H E D Dawn concerts to late-night EDM shows,festivals to look forward to this season Page 7 H-1BtickettoUSnowcosts$100K WHAT'S INSIDE ● Trump hikes visa fee 20-fold ● Over 70% H-1B visa holders Indian ● Applicable only for new visas ● Tech most hit Dependence on others is India’s main enemy: PM URVI MALVANIA & SHUBHAJIT ROY Mumbai/New Delhi, September 20 ■ SPOTLIGHT, P5 Reels on wheels Meet women bikers who are not only setting the roads on fire, but also social media, and are monetising their passion in the process Mid and smallcap shares continue to disappoint MIDCAP AND SMALLCAP stocks have continued to underperform so far this year. The BSE Midcap Index is up just 0.91%, while the BSE Smallcap Index has declined 1.01% year-to-date, compared with a 5.74% gain in the Sensex. This comes after two consecutive years of stellar performance. Compiled by Kishor Kadam Returns in % 2022 2023 Relative performance 115 Sensex BSE Midcap 2025* *up to September 19 BSE Smallcap 105 105.7 100 100.9 99. 99.0 105 95 85 75 -1.01 5.74 2024 0.91 26.07 29.31 8.17 18.74 -1.80 4.44 1.38 39.18 62.77 21.99 2021 Continued on Page 2 More reports: Page 14 BSE Smallcap 45.53 47.52 BSE Midcap Sensex Base: Dec 31, 2024 = 100 Dec 31, 2024 ANNOUNCING A SWEEPING overhaul of the H-1B visa system that, effectively, targets skilled Indians more than any other group, US President Donald Trump signed a proclamation Friday that will raise the fee for these visas to $100,000 (`88 lakh) annually—making it prohibitively expensive for companies to hire Indian professionals in the US. Currently, the H-1B visa fee ranges from about $2,000$5,000dependingonemployer size and other costs.The visas arevalidforthreeyearsandcan be renewed for another three years. Companies pay to sponsorH-1B applicants. India-bornprofessionalsare the biggest beneficiaries of these visas. Between October 2022 and September 2023, 72% of the nearly 4 lakh visas issued under the H-1B programmewentto Indian nationals.Duringthesameperiod,top four Indian IT majors with a presence in the US—Infosys, TCS,HCL,andWipro—obtained approval for around 20,000 employees to work on H-1B visas, as per the latest US Citizenship and Immigration Services (USCIS) data. Asenior US administration official clarified that the new fee targets only new H-1B visa petitions, and not existing holders or renewals. Sep 19, 2025 PRESS TRUST OF INDIA Bhavnagar, September 20 US President Donald Trump announcing the new H-1B visa fee as commerce secretary Howard Lutnick listens, alongside a poster of the Trump Gold Card at the White House BIG IMPACT Jump in H-1B visa fee ■ More than $5,000 to $100,000 annually DONALD TRUMP, of the average annual salary of all H-1B visa holders 1900%, from ■ New fees more than median annual salary of a fresh H-1B visa holder US PRESIDENT They’re (tech CEOs) going to be very happy... The abuse of the H-1B programme is also a national security threat 80% Cos dependent on US employees with H-1B visas Employer name Beneficiaries approved Amazon Com Services 10,044 Tata Consultancy Services 5,505 Microsoft Corporation 5,189 Meta Platforms 5,123 Apple 4,202 Google 4,181 AP Foreign workers in US Number of STEM workers (in mn) 2000 1.2 2.5 2019 Foreign share of workforce 17.7% 26.1% 2000 2019 Share of IT workers in H-1B programme Past FY2003 32% 5 FY +65% $1-mn gold card INDIVIDUALS WHO pay $1 million to the US Treasury, or $2 million if a corporation sponsors them, will get expedited visas and Green Card. Source: USCIS GoyalleavesfortradetalksonMonday RAVI DUTTA MISHRA/PTI New Delhi, September 20 A DELEGATION LED by commerce and industries minister Piyush Goyal will visit the United States fortrade talks on September 22, the commerce ministry said on Saturday.The delegation plans to take forwarddiscussionswithaviewto achieve early conclusion of a mutually beneficial trade agreement,thestatementsaid. Under the GeneralAgreement The minister will visit New on Trade in Services (GATS), York and will be accompanied Mode 4 describes the supply of services through with special secretary in the ministry Visa roadblock the movement of to cast natural persons (indiRajesh Agrawal and shadow on viduals) from one other officials. The visa order negotiations World Trade Organisation's (WTO) memcasts a shadow on ber country to these negotiations as India typically seeks better another.Mode 4was also a key access to services-led devel- ask during negotiations for a oped countries under Mode 4. deal with the UK, but anti- immigration protests and Brexit resulted in little access for Indian IT workers in the UK under the trade deal. Trade deal negotiations withtheUSarealreadyatadelicate stage as Indian labourintensive sectors such as the textile, footwear and marine sectorshavebegunbearingthe brunt of steep US tariffs. Continued on Page 2 PRIME MINISTER NARENDRA Modi on Saturday said India’s main adversary is its dependence on other nations as he raised the pitch for “aatmanirbharta” and called for the indigenous production of everythingfrom(semiconductor) chips to ships.Addressing an event in Gujarat, where he laid foundation stones of projects costing `34,200 crore, Modi said all problems of India have only one solution, and that is self-reliance. “India is movingforwardwiththespirit of global brotherhood and India has no major enemy in the world today, but in true terms, India’s biggest adversary is dependence on other nations,” stated the Prime Minister, emphasising that this dependency must be collectively defeated. He said greater foreign dependence leads to greater national failure. NARENDRA MODI, PRIME MINISTER The future of 140 cr Indians cannot be left to external forces, nor can resolve for national development be based on foreign dependency “For global peace, stability, and prosperity, the world’s most populous country must become self-reliant,” Modi said and cautioned that reliance on others compromises national self-respect. Continued on Page 2 India worried about humanitarian impact PRESS TRUST OF INDIA New Delhi, September 20 INDIA SAID THE Trump administration’s new restrictionsonH-1Bvisaprogramme arelikelytohavehumanitarian consequences and hoped that the “disruptions” would be addressed suitably by the American authorities. India’s reaction came hours after US President Donald Trump signed a proclamation to impose a $100,000 annual fee forH-1Bvisas,amovethatisset toadverselyimpactIndianprofessionals in the US. The govt hopes that the disruptions can be addressed suitably by US authorities “Thismeasureislikelytohave humanitarian consequences by wayof the disruption caused for families,” external affairs ministry spokesperson Randhir Jaiswal said. “The government hopesthatthesedisruptionscan be addressed suitably by the US authorities,” hesaid. Continued on Page 2 Retailers get ready for bumper sales this festive season ● Online expected to dominate with `1.15 lakh cr sales SUGANDHA MUKHERJEE New Delhi, September 20 E-COMMERCE SALES THIS festive season are projected to reach about `1.15 lakh crore ($14 billion), a 20-25% rise year-on-year, as per Redseer Festive Season 2025 report. Quick commerce has already grown 150% in the pre-festive period, while value commerce is up 30-35%. As peranalysts,festive sales can contribute up to 40% of annual turnover of retailers in categories such as consumer electronics and jewellery. “The overall impact is expected to be positive,” said Kushal Bhatnagar, partner, Redseer.“The reduction in tax rates, coupled with planned discounts, will bring down end-consumer prices significantly, thus boosting overall demand. Appliances are expected to benefit the most. Low-ticket products such as fashion, beauty and personal care, grocery, and home and furniture will also benefit.” “Big-ticket purchases have always been popular during Diwali,” said Kishore Thota, director of shopping experience at Amazon India. “With FEELING THE SURGE 20–25% 150% Projected rise in e-comm sales this festive season Growth of quick comm this pre-festive period 30–35% Growth of value commerce ahead of festive period GST reductions,we expect significant jump in demand this year. We are working closely with sellers to prepare for this 20%+ Projected growth of fashion, beauty & personal care, and home categories this festive season 5-15% Projected festive growth of mobiles & electronics categories 80-90% Projected growth of grocery, led by quick-comm, rising acceptance in Tier 2 cities Source: Redseer Festive Season 2025 report surge and have strengthened our supply chain.” Flipkart is also upbeat.“We are witnessing strong early momentum across mobiles, electronics, fashion, beauty and home,” said Rajneesh Kumar, Flipkart’s chief corpo- rate affairs officer. “Tier-2 engagement is deepening, helped by live commerce, a clearindicatorofevolving consumer behaviour.This growth is unlocking opportunities for small and medium businesses in remote regions.” Meesho is focusing on value-conscioushouseholdsin smaller towns. The platform has created about 12 lakh seasonal job opportunities—70% in Tier-3 and Tier-4 regions— to cater to festive sales. “The festive season is when many Indian households place their trust in e-commerce,” said Sourabh Pandey,CXO of fulfilment and experience at Meesho. “We have ensured seller readiness and seamless logistics at scale.” Tata CLiQ, another leading e-commerce platform, is seeing festive momentum across both its fashion and luxury platforms.“Typically, we witness a 50% month-on-month jump aswe move from the prefestive period into the festive shopping season,” said Gopal Asthana, chief executive of Tata CLiQ. Quick commerce is also gearing up for festive season. Bigbasket expects its Diwali sales to be 2-2.5 times higher than last year, driven not just bygroceries but byelectronics, goldcoins,crockeryandfestive hampers.“We have recruited and trained delivery teams in advance to ensure service reli- ability during peak demand,” said Seshu Kumar Tirumala, chief buying and merchandisingofficer.Bigbasket’sedge,he argues, lies in “the depth of assortment and the quality of our own brands”. Making a bold move in competitive e-commerce space, Swiggy Instamart is holding its first large-scale festive sale from September 1928,ahead ofAmazon and Flipkart, and offering deep discounts on over 50,000 products like electronics and groceries, with 10-minute delivery in select areas. Logistics firms are feeling the surge too. Continued on Page 2 Lucknow