The Indian tech industry generated revenue of $103 billion and directly employed 2,07,000 people in the US, with an average wage of $1,06,360. According to a report, this was 22 per cent employment growth since 2017.
The NASSCOM and IHS Markit report said, “From the value chain to the end customers, Indian technology companies invest in American talent and technology, which they use through their global resources to develop and produce cutting-edge innovations for industries and customers.” grow with.” Now part of S&P Global).
Nasscom President Debjani Ghosh said that the US today has the largest demand-supply gap compared to other geographies. The Indian tech sector works with over 75 percent of Fortune 500 companies, most of which are headquartered in the US and, therefore, well equipped to understand and meet the critical skill challenges of the digital age.
“The Indian technology industry makes a significant contribution to the US economy through promoting local investment, innovation and labor force, and enabling skill development for the local workforce,” Ghosh said.
According to the report, the direct impact of the Indian tech industry has helped the US economy so far with total sales of $396 billion, supporting 1.6 million jobs and contributing more than $198 billion to the US economy. It said this is larger than the economies of 20 US states combined in 2021.
It also said the industry is making major investments in the US and has a commitment to helping groom the next generation of talent while simultaneously growing its US job base.
Indian technology companies have contributed more than $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 has provided more than $3 million for the K-12 initiative alone. These efforts have touched more than 2.9 million students and teachers so far. In addition, over 2,55,000 existing employees have been upgraded by this sector.
Over 2,55,000 existing employees have also been upgraded by this sector.
The report states that demand for STEM businesses in the US is expected to grow 1.5 times faster than non-STEM businesses over the next decade. About 70 percent of this demand growth is expected to be driven by IT businesses, which will account for 51 percent of STEM businesses by 2030.
Meanwhile, in India, software firms HCL Technology Recently said that it has hired a total of 6.089 freshers for the quarter ended June 2022, with a total of 210,966 employees globally. However, at the end of the first quarter of FY23, the level of job losses was still at a high of 23.8 per cent.
India’s largest IT services company TCS Ltd. has said that it saw a net addition of 14,136 employees during the June 2022 quarter. As per the filing, the company’s total workforce strength as of June 31, 2022 was 6,06,331.
TCS said its mortality rate in information technology (IT) services stood at 19.7 per cent during the June 2022 quarter, up from 17.4 per cent in the previous quarter.
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