Indian IT Companies Contributed $57.2 Billion to American GDP in 2017Top Stories

July 31, 2019 18:26
Indian IT Companies Contributed $57.2 Billion to American GDP in 2017

(Image source from: Livemint)

India’s top diplomat in the United States, during his address with business leaders, said Indian Information Technology (IT) companies contributed USD 57.2 billion to the Gross Domestic Product (GDP) of the U.S. in 2017.

India's Ambassador to the U.S. Harsh Vardhan Shringla said India-based global IT services firms recruit more than 175,000 workers in the U.S. accounting for 8.4 percent of employment in the computer systems design and related services industry.

In his address at the 2019 State International Development Organization (SIDO) Conference in Denver, Colorado, on “U.S.-India Trade and Investment: Opportunities and Best Practices,” Shringla said Indian IT companies in the United States are deeply embedded in the roots of American society and their contributions have exceeded far beyond the economy.

SIDO is the sole organization in America that is centered on state international trade development.

Giving some of the examples of Indian IT companies that contributed beyond their contributions, he said: “For instance, the Tata Consultancy Services (TCS) launching an education initiative in 2017 called "My Future in School", Infosys partnering with Trinity College on Applied Learning Initiative in September 2018, WIPRO's partnership with First Book to distribute over 200,000 books by 2019-end, Mindtree's USD 2 million grant to Stanford University in July 2018 are some of the examples of Indian IT companies' contributions beyond their business operations.”

Shringla said the two-way investments between India and the US reached about USD 60 billion.

“The US with USD 45 billion cumulative investment is the sixth source of foreign investment in India,” he said in his address to State International Development Organization annual (SIDO) convention's India event organized in partnership with US India Business Council (USIBC).

"The U.S.-India relationship is at a critical juncture and needs to evolve with the changing landscape of U.S. global trade relations. State-to-state ties help Indian companies investing in the U.S. and U.S. companies who need support at the ground level in India," said USIBC president Nisha Desai Biswal.

India under the tenure of Prime Minister Narendra Modi, he said is taking steps to ensure that U.S. investments into India are taken to new levels by ensuring profitability as well as protection of Intellectual Property.

“Though India's National IPR policy since its launch in 2016, the government has been working actively to promote IPR awareness and augment technical manpower to simplify the patent procedures and reduce pendency in patents and trademarks,” he said.

It has completed 50 enforcement workshops for police officials across 26 states and union territories. An IPR enforcement toolkit has been prepared to serve as a ready reckoner for policy officials. Enforcement of intellectual property in India is one of the major concerns of American companies.

India, he asserted, has made strides across various sectors. The fact that India has jumped 65 places in four years to reach 77th position on the World Bank's Ease of Doing Business ranking and 52nd rank in the Global Innovation Index are just some of the global indices reflecting India's emergence as a hub for innovation and manufacturing.

“This is in line with Prime Minister Modi's 'Make in India' initiative. India is currently home to the world's 4th largest auto industry and 3rdlargest domestic civil aviation market,” he said in his address.

By Sowmya Sangam

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India  United States  technology