Indian tech industry generates $103 bn revenue in US: NASSCOM
The Indian tech industry has generated $103 billion of revenue and directly employed 207,000 people in the US with an average wage of $106,360 in 2021, according to NASSCOM report done by S&P Global.
The Indian tech industry has generated $103 billion of revenue and directly employed 207,000 people in the US with an average wage of $106,360 in 2021, according to NASSCOM report done by S&P Global.
The direct impact of the Indian tech industry in both operational and investment spending as well as supporting their client base, has rippled through the US economy generating a total of $396 billion in US sales (output), supporting a total of 1.6 million jobs and contributing over $198 billion to the US economy – larger than the combined economies of 20 US states in 2021.
The Indian technology companies have contributed over $1.1 billion and developed partnerships with nearly 180 universities, colleges, community colleges, and others to strengthen and diversify the STEM pipeline in the US. It also has provided over $3 million more for just K-12 initiatives.
Demand for STEM occupations in the US is expected to grow 1.5 times faster than non-STEM jobs over the next decade. Around 70 percent growth in this demand is expected to be driven by IT occupations, which will account for 51 percent of STEM occupations by 2030.
In 2021, there were a total of 6 job postings for every 1 available computer and math worker in the US which has now become 11 open postings per available IT worker in 2022, leading to the widening of the global talent demand-supply gap.