India, July 30 -- On July 4, as Americans marked the 249th anniversary of the nation's founding, President Donald Trump signed into law his signature legislative achievement: The "One Big Beautiful Bill". Spanning nearly 900 pages, the legislation overhauls the US tax code, boosts spending on defense, border security, and infrastructure, and introduces a wide array of industry-specific incentives and subsidies.

In addition, the law slashes funding for some entitlement programmes, most notably Medicaid, to help offset the cost of tax cuts. Yet, it will still add an estimated $3 trillion to the national deficit of the US over the next decade.

While the bill's sweeping provisions will affect virtually all Americans, immigrant communities, ...