Union Commerce and Industry Minister Nirmala Sitharaman on 21 September 2015 released NASSCOM’S report on Contributions of India’s Tech Industry to the US economy in Washington, the USA.
It was released on the sidelines of US-India Strategic and Commercial Dialogue.
This report tries to quantify the positive impact of investments made by Indian IT BPM companies in the US by way of job creation, contribution by way of taxes and more importantly impact of the Corporate Social Responsibility (CSR) measures on the US economy.
Highlights of the report
• The USA is the largest market for Indian IT-BPM (Information Technology-Business Process Management) exports.
• At present, Indian IT industry supports 411000 direct and indirect jobs in the USA.
• Indian IT companies have invested 2 billion US dollars between 2011 and 2013 in the USA.
• They paid around 22.5 billion US dollars in federal, state and local taxes between 2011 and 2015.
• While direct and indirect jobs supported by India’s IT sector in the US grew at an annual rate of 10 percent between 2011 and 2014, the average jobs growth rate in the USA was only 1.7 percent during the same period.
• More than 120000 American lives touched under the CSR initiatives.
• Indian IT companies provide operational support to over 90 per cent of Fortune 500 firms and thousands of other American businesses.
• Indian technology industry pays equivalent wages to the US national and foreign worker.
• In the USA, shortage of skilled talent is expected to continue to grow and will result in shortfall of 445000 computer professionals by 2022.
NASSCOM stands for the National Association of Software and Services Companies. It is a trade association of Indian Information Technology (IT) and Business Process Outsourcing (BPO) industry.
It facilitates business and trade in software and services and encourages the advancement of research in software technology.
Its present chairman is B V R Mohan Reddy.
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When: 21 September 2015