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.
Indian IT companies have invested $396 billion in US sales. According to a NASSCOM estimate, this generated $198 billion for the US economy and 1.6 million employment overall, which is more than the economies of 20 US states put together in 2021.
Indian IT Boosted US Economy
The report said that the Indian IT businesses invest in American talent and technology, which they supplement with their global resources to design and deliver cutting-edge innovations for markets and customers from the start of the value chain to the final consumer.
Additionally, the Indian IT industry directly contributed $103 billion to the US economy in a year and employed 207,000 people. The US workforce earned an average salary of $106,360 thanks to the Indian technology sector.
The report is titled: “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”.
Fortune 50 and Nasscom
Debjani Ghosh, President at Nasscom said that by facilitating local investments, fostering innovation and the labor force, and facilitating skill development for the local workforce, the Indian technology industry offers a significant contribution to the US economy.
The Fortune 50, a ranking of 500 of the largest American organizations published annually by Fortune magazine, comprises 75% of the Indian IT sector, according to the report’s detailed details. The report also highlighted the sizeable investments the Indian technology sector has made in the US to expand the labor force and develop the nation’s talent pipeline.
To broaden 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%.