Pritzker further said, “Business between United States and India has never been better”. The report also documented charitable activities by Indian IT services companies in the USA through volunteers, scholarships and grants such as a $35 million gift from Tata Consultancy Services to Carnegie Mellon University announced last month.
Advertisement
India’s tech industry ponied up mo re than $22 billion in U.S. federal, state, and local taxes in the 2011-2015 timeframe even as its $2 billion investment in America supported more than 4,10,000 jobs in the USA , a new report by India’s software and services trade association Nasscom has revealed.
“This in my view is a propitious moment in the U.S.-India relationship”, Biden told the dinner, hosted by the U.S.-India Business Council. While the numbers are chump change compared to US-China trade, the report emphasized that the Indian tech industry through their USA operations supports 156,000 direct jobs and 255,000 indirect jobs.
Titled “Contributions of India’s Tech Industry to the US Economy”, the report was launched by Indian Commerce Minister Nirmala Sitharaman right here Monday forward of the primary Indo-US Strategic and Commercial Dialogue.
President Barack Obama and Indian Prime Minister Nerendra Modi have struck numerous same themes as they have sought to strengthen economic ties.
Modi is expected to make a personal case for investment in India during a high-profile visit to the US this week.
The growing Indian-American diaspora is heavily invested in the American system and cannot only rise to be the backbone of this critical partnership but can help fuel U.S. & India’s mutual growth story.
Union Minister for External Affairs Sushma Swaraj similarly echoed positive sentiments regarding the expanding scope of bilateral cooperation which, she said, now extended economic engagement into the realms of “investments in technology, defence and security cooperation… civil nuclear cooperation, science and technology, air and space, energy and trade”.
Despite general approval for his efforts since his election in May 2014, Modi still has work to do, Pritzker said, citing that the World Bank ranks India 186 out of 189 countries on the ease of enforcing contracts. He will also attend the United Nations summit in New York.
“It was as if India had imitated British bureaucracy, doubled it and then added more people”, Cote said.
Advertisement
Amid these efforts to strengthen business relationships, officials in both nations have bristled at US laws that limit visas for high skilled workers.
