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 the 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. Indian technology industry makes a critical contribution to the US economy through local investments, fuelling innovation and Worker enabling skill development for the local workforce, said by IT team.
The report further elaborated that the Indian tech sector works with 75% of the Fortune 50 companies, which is an annual list published by Fortune magazine that ranks 500 of the largest United States corporations.
The report also noted the sizable investments that the Indian tech industry has made in the US to grow the employment base of the country and build the next generation of talent.
He said the Indian firms had made an investment of $1.1 billion and formed partnerships with nearly 180 universities and colleges to diversify the STEM (science, technology, engineering, and mathematics) pipeline in the country. It has also contributed $3 million for just kindergarten-to-twelfth standard initiatives, impacting over 2.9 million students and teachers in the US.
According to the report, demand for STEM occupations in the US is expected to grow 1.5 times faster than non-STEM occupations over the next decade. Around 70% growth in this demand is expected to be driven by IT occupations.
Rapid advances in technology are changing almost everything we have known. The acceleration is only increasing post-pandemic outbreak. Are there some silver linings for SMEs to benefit from this? From accounting to marketing and sales, technology and most new-age employees seem perfectly at ease with tech tools.
If the tech tools are embraced by different functions to improve productivity and return on investments (ROI), should SME owners think of combining some functions and tackle the issue of talent shortage with tech tools – so to speak? My point is, can’t tech and marketing handled by one head instead of two different heads?SME owners are demanding more from marketers and to be accountable for every marketing investment. The average market is up the wall with tech tools and analytics. This is one reason more churn is happening at most SMEs. How can this be changed? Even in large companies, the tenure of a marketing head is less than that of a CEO.
Marketing folks can actually embrace technology to have more control over their activities. They can also get the real-time measurement. This will also help in addressing the accountability questions they are subjected to more frequently now by the bosses. The question of ROI of marketing is getting louder and as such SMEs are confused between the roles of marketing and sales.
This is easier measured with technology today than a few years ago. Interestingly, when we did a major workshop for marketers 10 years ago, there were hardly 100 senior executives who had come to the session and the majority lamented that India was at least 10 years behind in measuring (Return on Marketing Investment). Things have changed since then. Marketers who have not been able to keep up with the changes that are happening across the world will be left way behind.
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