Here's how Indian tech sector helped US generate USD103 billion in 2021
The direct impact of the Indian tech industry has helped the US economy generate a total of USD396 billion in sales to date, supporting 1.6 million jobs and contributing over USD198 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% 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 USD1.1 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 USD3 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 significant 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 tech hubs.
Over the last decade, these states have grown their employment rate by 82%, making outsized contributions particularly in states that have below US average concentrations in IT talent, according to the report.
"The Indian technology Industry makes critical contributions to the US economy through local investments, fuelling innovation and the labour force, and enabling skill development for the local workforce," said Ghosh.
( Details and picture courtesy from Source, the content is auto-generated from RSS feed.)
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