India envoy Harsh Vardhan Shringla has stated that the Indian IT industry is an important stakeholder in promoting business relations between India and the US as it contributes to the competitiveness of global operations of American companies and creates thousands of jobs in the US.
Wilson Centre’s Asia Programme and NASSCOM organized a discussion on ‘America’s Highly Skilled Workforce, the Talent Pipeline, and H-1B Visas’ where Shringla on Tuesday said the Indian IT companies have invested billions of dollars across many states in the US.
The Indian Ambassador to the US said that “The Indian IT industry has been an important stakeholder in promoting and supporting stronger bilateral business relations between our two countries.”
“Indian IT companies have contributed to the competitiveness of global operations” of US firms,” he added. “And in doing so have also supported hundreds of thousands of jobs through direct, indirect and induced jobs in the US,” he claimed.
The Indian IT companies have invested more than $50 billion in the US, revealed an estimate. He observed that the firms are deeply rooted in American society and their contributions are exceeded far beyond the economy.
Currently, in the US there is a lack of 2.4 million staff in the high-tech sector, he said. Moreover, there was a very low rate of unemployment below three percent which clearly shows there is a shortage of people with the requisite experience and expertise in the sector.
“For instance, Infosys has programmed to employ 10,000 US citizens in their operations. They have gone from campus to campus recruiting people, training them, and equipping them for the high-tech profession that they will join,” he said.
NASSCOM President Debjani Ghosh said, “Close to USD 16.3 billion of wages are paid by these companies of Indian origin in the US. While NASSCOM contributes about USD 185 billion to India’s numbers, we also contribute USD 28.2 billion directly to the USD GDP and USD 7.7 billion in terms of state and federal taxes in the US.”