Like Wings said, only for academic and scientist positions.
In the US some companies will even go out of their way not to hire engineers with PhDs since they tend to be too analytical and not practical enough. The sweet spot is a bachelor of science degree in mechanical engineering and then a masters in a specific discipline.
And as far as foreigners with PhDs in the U.S… way too many already. Especially from India. So you chances of finding a very high paying job aren’t as good as they use to be. And the foreigners get pushed extremely hard, like expected 80 hour work weeks, since the employers know that if the foreigner gets fired or quits they will lose their visa.