INDIAN TECH FIRMS CONTRIBUTED NEARLY $200 BN TO THE US ECONOMY, MORE THAN THE COMBINED ECONOMIES OF 20 US STATES
Business Insider - July 13, 2022
- The Indian tech firms supported 1.6 million jobs in total and contributed $198 billion to the US economy.
- The industry also spent $1.1 billion to grow STEM (science, technology, engineering, and mathematics) learning in the US.
- It has also contributed $3 million for just kindergarten-to-twelfth standard initiatives.
The Indian information technology (IT) industry has contributed substantially to the US economy last year through jobs and local investments for training next-generation talent and driving innovations.
Indian tech firms have spent $396 billion in US sales output. This supported 1.6 million jobs in total and contributed $198 billion to the US economy, which is larger than the combined economies of 20 US states in 2021, according to a NASSCOM report.
“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 said.
The sector directly generated $103 billion of revenue in the USA, while employing 207,000 people last year. The Indian tech industry created an average wage of $106,360 for the employees in the US, according to the report.
The report is 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’.
