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Citigroup Investment Research has stated that President Trump's executive order to impose a $100,000 visa fee on H-1B visa applications is unlikely to harm the competitiveness of the Indian IT industry on a global scale. The organization said that the cost of doing business in the United States will increase, potentially leading to more onshoring and offshoring in the midterm. While profit margins in the Indian IT industry may narrow, their competitiveness will remain unchanged due to their business model consistently evolving. Citigroup Investment Research pointed out that IT companies like HCL Technologies and Infosys stated earlier this year that most of their employees in the United States do not rely on visas, and added that the impact on companies with small exposure to the US market will be relatively minimal.