Indian IT companies are providing for more than four lakh jobs in the US of which around three lakh are held by either US citizens or permanent residents, according to a latest report by the National Association of Software and Services Companies (Nasscom).
The report was released on the sidelines of the ongoing US-India strategic and commercial dialogue in Washington DC, ahead of Primi Minister Narendra Modi’s visit to the United States later this week.
The report titled “Contributions of India’s Tech Industry to the US Economy” said the Indian IT companies creation 411,000 jobs include both direct and indirect. The jobs supported by India’s IT sector in the US grew at an annual rate of 10% in 2011 to 2014, or about six times higher than the average jobs growth rate of 1.7% during that same period.
The report further noted that states leading the number of direct jobs created by India IT sector operations and investments are California, Texas, Illinois, New Jersey, New York, Georgia, Ohio, Washington, Michigan, and Pennsylvania. Texas, Michigan, Illinois, California and Georgia had the fastest rate of job growth in 2011-2013. The Indian IT companies have also have invested more than $2 billion in 2011-2013 and paid $22.5 billion in taxes to the US Treasury in those years, the report said.
Commenting on the report Union Minister of State for Commerce and Industry Nirmala Sitharaman said, “Indian IT organisations benefit from access to the US market, just as American IT organisations benefit from their investments and operations in India. This momentum is surely going to increase manifold with new partnership opportunities emerging in the areas of Digital India and Smart Cities for American technology firms.”