- A recent survey by Software Industry Association of India NASSCOM and IHS Market identified that Indian tech firms had supported and created 1.6 million jobs in total, generating $198 billion for the US economy.
- The industry spent $1.1 billion to expand STEM education in the US.
- Indian tech firms contributed $3 million to American elementary, middle, and high schools.
Indian IT industry has contributed to the US economy by training next-generation talent and investing locally in research, innovations and jobs.
Indian tech companies have spent $396 billion in US sales. This has supported 1.6 million jobs and contributed $198 billion to the US economy, which is larger than the combined economies of 20 US states in 2021.
This report discusses the importance Indian technology companies play in expanding American talent and technology. With that, they develop cutting edge innovations for industries and clients.
The tech sector in the United States generated $103 billion of revenue, while employing 207,000 Americans last year. The Indian tech industry generated an average salary of $106,360 per employee in the US, according to the report.
The paper discusses how Indian technology companies contribute to the US economy, and provide novel workforce solutions.
“The Indian tech industry makes a critical contribution to the US economy by investing heavily in research, developing local talent, and boosting innovation.”
The report suggests that the Indian tech sector has a strong presence with 75% of Fortune 50 companies, which is an annual list published by Fortune magazine that ranks 500 of the largest United States corporations.
The report cites the substantial investments the Indian tech industry has made in the US to increase its employment base and build up future generations of talent.
Microsoft, Amazon and IBM had $1.1 billion in investments and partnerships with 180 colleges, while they had another three million dollars invested just for the key stages of education. This impacts 2.9 million students in the US since these initiatives are happening after kindergarden up to 12th grade.
The United States is predicted to have rapid growth in STEM jobs over the next decade, with demand for related occupations expected to grow by 1.5 times the rate of non-STEM jobs. It’s estimated that IT occupations will drive 70% of the demand.