The Indian IT sector has made a contribution of almost $198 billion to the US economy in 2021, generating a revenue of $103 billion and raising the country’s employment rate by 22 per cent since 2017.
According to reports, the IT sector has hired around 207,000 Americans at an average wage of $106,360, and aided in the growth of talent outside traditional tech hub states.
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Reports by Nasscom and HIS Markit 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’ also talk about the massive investment by Indian IT companies in the economy of US and its contribution towards boosting the employment rate in the country.
A bulk of Indian tech firms headquartered in the US, reportedly work with 75 per cent of the Fortune 500 companies.
The high investment by Indian companies has enabled the US to register $396 billion in sales, create 1.6 million jobs and contribute $198 billion to the economy, the report says.
It also reveals that the Indian IT firms have invested $1.1 billion and forged partnerships with around 180 universities, colleges and community colleges in the US – a bid which will give a boost to the STEM (science, technology, engineering and mathematics) sector and prepare the next generation of leaders in the US.
These companies have also invested around $3 million in K-12 (kindergarten to Class 12) education.
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While the investments in the education sector has benefitted around 2.9 million students and teachers, it has helped in the upskilling of more than 255,000 employees, the report said.
The US is also witnessing an expansion in its tech radius with new states being added to the ambit, the report said. Thanks to the efforts of Indian technology firms, states like North Carolina are slowly becoming emergent tech hubs, the major indicator being a growth in employment rate.