The yield on the Indian 10-year G-Sec was below 6.5% in September, approaching its lowest level in five weeks, with investor sentiment pressured by steep US tariffs and higher visa fees. Beyond tariffs steeper than those faced by other Asian countries, a $100,000 hike in H-1B visa fees threatens the deployment of Indian workers, potentially weighing on IT sector profits and equity flows. Lower worker deployment could also reduce remittances, compounding external pressures and dampening investor confidence. Adding pressure, latest data showed India’s Composite PMI slipped in September as growth slowed in both the manufacturing and services sectors. While new domestic orders rose following GST reforms, weak export demand reflected the impact of higher US tariffs on Indian goods. Meanwhile, investors await the outcome of trade talks between India’s Commerce Minister Piyush Goyal, who visited Washington on Monday, and US Trade Representative Jamieson Greer.