According to reports from NASSCOM, the main body of the IT-BPM industry in India, Indian tech firms contributed significantly to the US economy in 2021. It contributes in terms of jobs and investments to impart training to the next-gen employees and stimulate technological advancement. More than the combined revenues of 20 US states, Indian tech companies boosted the US economy by roughly $200 billion.
In terms of sales output, Indian tech companies spent $396 billion in the US, enabling the creation of 1.6 million jobs. This adds $198 billion to the country’s GDP. In 2021, this will be larger than the economies of all 20 US states put together.
The US’ IT sector generated $103 billion
The NASSCOM reports stated, “From the value chain through to the end users, Indian technology businesses invest in American talent and technology. They supplement with their global resources to create and manufacture cutting-edge solutions for industries and clients.”
In the USA, the IT sector directly generated $103 billion in revenue and employed over 2.07 million people in 2021. It represents an increase of 32% and 22%, over 2017.
Indian tech firms’ contribution is more than anyone else
Ghosh, the president of Nasscom says, the Indian IT industry provides an essential contribution to the US economy through local investments. Later, these investments fueled innovation and the labor force and enabled skill development for the local workforce. The Fortune 50 comprises 75% of the Indian tech sector, according to the report’s detailed findings.
NASSCOM says Indian businesses invested $1.1 billion. India also partnered with roughly 180 colleges and universities to expand STEM (science, technology, engineering, and mathematics). More than 2.9 million children and instructors in the US have benefited from its $3 million contribution. The contribution is made for initiatives focusing on kindergarten to twelfth-grade students.
For more such updates keep reading on techinnews.com
