This is a false way of framing things on many levels. First, as Norm Matloff has extensively documented, they are not all "highly skilled and educated people". Secondly, they can be given green cards and other such things, why is this specific visa necessary?
Also, if there's a shortage of talent, then the Silicon Valley CEO's can put an end to things like their conspiracy to drive down tech wages that is playing out in the courts, which is something that would obviously depress the number of engineers applying for jobs. Instead of the federal government cutting loans and grants to college students, they could expand them if they want more engineers.
And if there is some humanitarian concern for immigrants, there are waiting applicants from Africa who have far more of a humanitarian need to get into the USA then an Indian IIT graduate.