Former RBI Governor Raghuram Rajan has warned that the proposed US Halting International Relocation of Employment (HIRE) Act represents a far bigger threat to India than recent H-1B visa fee hikes. Rajan explained that while digitalization means H-1B visa demand may decline and more services can be delivered virtually, the broad reach of the HIRE Act—potentially taxing even digital services delivered into the US—poses major risks for India’s workforce and export revenues.