Indian Tech Industry Generates $103 Billion, Directly Employs Over 2 Lakh People In US: Report

The Indian tech business generated $103 billion of income and immediately employed 2,07,000 individuals within the US with a median wage of $1,06,360. It was a 22 per cent employment development since 2017, in keeping with a 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 & clients,” stated the report by Nasscom and IHS Markit ( now a part of S&P world).

Debjani Ghosh, president of Nasscom, stated the US immediately has one of many largest demand-supply gaps as in comparison with different geographies. The Indian tech sector works with greater than 75 per cent of the fortune 500 corporations, most of them headquartered within the US and is, subsequently, nicely outfitted to know and meet the vital talent challenges of the digital age.

“The Indian technology industry makes critical contributions to the US economy through local investments, fueling innovation and the labor force, and enabling skill development for the local workforce,” stated Ghosh.

The direct impression of the Indian tech business has helped the US financial system generate a complete of $396 billion in gross sales to this point, supporting 1.6 million jobs and contributing over $198 billion to the American financial system, in keeping with the report. It added that it’s bigger than the mixed economies of 20 US states in 2021.

It additionally stated the sizeable investments the business is making within the US and its dedication to rising each its US employment base in addition to serving to construct out the following era of expertise.

The Indian know-how corporations have contributed over $1.1 billion and developed partnerships with practically 180 universities, faculties, group faculties, and others to strengthen and diversify the STEM pipeline within the US. It additionally has supplied over $3 million extra for simply Okay-12 initiatives. These efforts have touched over 2.9 million college students and lecturers to this point. In addition, over 2,55,000 present workers have been upskilled by the sector.

Over 2,55,000 present workers have additionally been upskilled by the sector.

The report stated the demand for STEM occupations within the US is predicted to develop 1.5 occasions sooner than non-STEM occupations over the following decade. Around 70 per cent development on this demand is predicted to be pushed by IT occupations, which is able to account for 51 per cent of STEM occupations by 2030.

Meanwhile, in India, software program agency HCL Technologies just lately stated it employed a complete of 6.089 freshers for the quarter ended June 2022, with a complete headcount of 210,966 workers on the world stage. However, the attrition stage nonetheless stood excessive at 23.8 per cent on the finish of the primary quarter of FY23.

India’s largest IT companies firm TCS has stated it noticed a internet headcount addition of 14,136 workers through the June 2022 quarter. The firm’s whole workforce energy stood at 6,06,331 as on June 31, 2022, in keeping with the submitting.

Its attrition price in info know-how (IT) companies stood at 19.7 per cent through the June 2022 quarter, larger as in contrast with 17.4 per cent within the earlier quarter, TCS stated.

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