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IT firms added $57 bn to US GDP in 2017: Envoy
The US with $45 billion cumulative investment is the sixth source of foreign investment in India.
Washington: Indian IT companies contributed $57.2 billion to the GDP of the US in 2017, India's top diplomat in the US said on Tuesday.
Addressing business leaders in Denver, Colorado, India's Ambassador to the US Harsh Vardhan Shringla said India-based global IT services companies employ more than 175,000 workers in the US accounting for 8.4 per cent of employment in the computer systems design and related services industry.
In his address at the 2019 State International Development Organisation (SIDO) Conference on "US-India Trade and Investment: Opportunities and Best Practices," Shringla said Indian IT companies in the US are deeply embedded in the roots of American society and their contributions have exceeded far beyond the economy.
For instance, the 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, he said.
Shringla said the two-way investments between India and the US reached about $60 billion.
The US with $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 organised in partnership with US India Business Council (USIBC).
SIDO is the only American organisation that is focused on state international trade development.
"The US-India relationship is at a critical juncture and needs to evolve with the changing landscape of US global trade relations. State-to-state ties help Indian companies investing in the US and US companies who need support at the ground level in India," said USIBC President Nisha Desai Biswal.
India under Prime Minister Narendra Modi, he said is taking steps to ensure that US investments into India is taken to new levels by ensuring profitability as well as protection of Intellectual Property. Through 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.
