Indian tech companies boost US economy, add some $200 bn, create 1.6 mn jobs!
The Indian tech industry has supported 1.6 million jobs in total in the US and added billions of dollars to its economy. Check details here.
The Indian information technology industry has acquired great importance in the US economy, a recent report says. The Indian IT industry has substantially contributed in terms of jobs and local investments to the US economy last year. The National Association of Software and Service Companies (NASSCOM) report says that the Indian tech firms have spent $396 billion in 2021. At the same time, they also supported 1.6 million jobs in total. And importantly, Indian tech companies contributed $198 billion to the US economy. This amount is remarkable as it is more than what was contributed by as many as 20 US states combined in 2021. They also generated an average wage of $106,360 for the employees in the US.
The NASSCOM report says, “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 also shed light on the role of the Indian tech sector while mentioning that it works with 75 percent of the Fortune 500 companies. These companies are published by Fortune magazine which ranks 500 of the largest United States corporations. The report also focused on the huge investment that the Indian IT industry has made to nourish the employment base of the United States. Talent is one of the important aspects that Indian companies are investing in.
Indian IT industry contribution to the education sector in the US
Indian firms had made an investment of around $1.1 billion while forming partnerships with nearly 180 universities and colleges to strengthen the STEM pipeline in the country, the report mentioned. Here, STEM denotes science, technology, engineering, and mathematics. This has helped to contribute $3 million for just kindergarten-to-twelfth standard initiatives while affecting over 2.9 million students and teachers in the US.
The report further specified that the rising demand for STEM occupations in the US is expected to grow 1.5 times faster than non-STEM occupations in the next decade. However, nearly 70 percent growth in this sector is expected to be driven by IT careers.