I wouldn't call it blackmail. More like barter. Visas for HCQ.
I'm OK with it so long as it's a temporary solution to the USA's current inability to manufacture enough HCQ domestically. They get jobs, Americans get their lives saved. Not a bad deal for either side.
The long term solution, of course, is to get domestic production up to a point where we don't need India's HCQ. At that point the visa program can end.