Does anyone use a light mounted near the laptop's webcam? Is it effective? Could you please recommend a product?

Hey Yash. I am using this one (ring light) but it needs a static setup. (I have a monitor and a desk). It is quite effective and I would recommend it - especially if the lighting in your room is weird. It has definitely improved my environment on my video calls and gives consistent lighting regardless of time of day. (It also requires a tripod - which I got from Tygot). The stuff is super cheap but works decently.

These LED Ring's are becoming more and more popular with time. Have seen them being used in professional setups as well (UFC interviews/zoom calls etc).

I experimented with light rings and I did not like the bright focused light on my face. I had much better results with diffuse lighting by using an IKEA table lamp point at one of the walls I'm facing. The light is much more evenly diffused and the effect is a lot nicer, IMHO.