India Tech Sector Helped US Generate $103 Bln in 2021
NEW DELHI, (IANS) – The Indian tech industry generated $103 billion in revenue and directly employed 2,07,000 people in the US last year, with an average wage of $106,360 — witnessing a 22 percent employment growth since 2017, a new Nasscom report showed on July 13.
The direct impact of the Indian tech industry has helped the US economy generate a total of $396 billion in sales to date, supporting 1.6 million jobs and contributing over $198 billion to the American economy — larger than the combined economies of 20 US states in 2021, according to report by Nassom and IHS Markit (now part of S&P global).
“The Indian tech sector works with more than 75 percent of the fortune 500 companies, most of them headquartered in the US, and is therefore well equipped to understand and meet the critical skill challenges of the digital age,” said Debjani Ghosh, President, Nasscom.
The Indian technology companies have contributed over $1.1 billion and developed partnerships with nearly 180 universities, colleges, community colleges, and others to strengthen and diversify the STEM pipeline in the US.
It also has provided over $3 million more for just K-12 initiatives. These efforts have touched over 2.9 million students and teachers to date in the US.
In addition, over 2,55,000 current employees have been upskilled by the sector, the report noted.
The Indian technology industry in the US has played a role in expanding the talent pool outside of traditional tech hub states. This has contributed to some of these states, such as North Carolina, becoming emergent hubs.
Over the last decade, these states have grown their employment rate by 82 percent, making outsized contributions, particularly in states that have below US average concentrations in IT talent, claimed the report.
“The Indian technology Industry makes critical contributions to the US economy through local investments, fueling innovation and the labor force, and enabling skill development for the local workforce,” said Ghosh.