Contribution of Indian Tech firms to US economy @DigiGiggles

Contribution of Indian Tech firms to US economy

The US economy benefited greatly from the Indian IT sector’s employment opportunities and local investments in fostering innovation and the next generation of talent. Indian IT companies have invested $396 billion in US sales.

According to NASSCOM estimate, this generated $198 billion for the US economy and 1.6 million employments overall. Last year, the industry directly contributed $103 billion to the US and the workforce earned an average salary of $106,360 from the Indian IT sector.

The Fortune 50, a ranking of 500 of the largest American organizations published annually by Fortune magazine, comprise 75% of the Indian tech sector. The report also highlighted the investments the Indian technology sector has made in the US to expand the labour force and develop the nation.

To diversify the STEM (science, technology, engineering, and mathematics) pipeline in the nation, NASSCOM said that Indian businesses had invested $1.1 billion and partnered with approximately 180 universities and colleges.

Additionally, it has provided $3 million for initiatives affecting approximately 2.9 million learners and teachers in the US from kindergarten to twelfth grade. It also says that the demand for STEM employment in the US will increase by 1.5 times. The demand for IT professionals is anticipated to increase by over 70%.

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