More than the combined revenues of 20 US states, Indian tech companies boosted the US economy by roughly $200 billion
The US economy benefited greatly from the Indian information technology (IT) sector’s employment opportunities and local investments in fostering innovation and the next generation of talent.
$396 billion in US sales output has been spent by Indian tech companies. As per a NASSCOM estimate, this supported 1.6 million employment overall and gave the US economy $198 billion, which is more than the economies of 20 US states put together in 2021.
“From the value chain through to the end customers, Indian technology companies invest in American talent and technology that they augment with their global resources to develop and produce cutting-edge innovations for industries and clients,” the report said.
Last year, the industry directly contributed $103 billion to the US economy and employed 207,000 people. As per the survey, the US workforce earned an average salary of $106,360 thanks to the Indian IT sector.
Impact of Indian Technology Companies on the US Economy and Building the Current and Future US Workforce: Role of the Indian Technology Industry in the US is the title of the report.
“The Indian technology industry makes a critical contribution to the US economy through local investments, fueling innovation and the labor force, and enabling skill development for the local workforce,” said Debjani Ghosh, president at NASSCOM.
The Fortune 50 list, which ranks 500 of the largest American corporations every year and is published by Fortune magazine, lists the Fortune 50 companies, which work with 75% of them, in more detail.
In order to expand the nation’s work force and develop the next generation of talent, the Indian tech sector has made significant investments in the US, according to the research.
In order to diversify the STEM (science, technology, engineering, and mathematics) pipeline in the nation, NASSCOM said that Indian businesses had invested $1.1 billion and partnered with approximately 180 universities and colleges. Additionally, it has provided $3 million for initiatives affecting approximately 2.9 million students and instructors in the US from kindergarten through the twelfth grade.
The analysis predicts that during the following ten years, demand for STEM employment in the US will increase 1.5 times faster than that of non-STEM occupations. The demand for IT professionals is anticipated to increase by over 70%.
