Friday, November 22, 2024

Indian Diaspora is a catalyst for US economic growth

As a driving force behind America’s economic growth, the Indian diaspora continues to push the boundaries of innovation and economic contribution, reinforcing their essential role in the nation’s future

PRAVASISAMWAD.COM

The Indian diaspora in the United States, comprising 5.1 million individuals of Indian origin, has emerged as a vital contributor to the nation’s economic and technological advancements. Representing 1.5 percent of the U.S. population, Indian Americans—whether U.S.-born or India-born—play a pivotal role in shaping the country’s growth trajectory.

  • The entrepreneurial spirit of the Indian diaspora is evident in the realm of startups as well. Of the 648 unicorn startups in the U.S., 72 were founded by Indian immigrants

  • These companies, valued at an impressive $185 billion (INR 16.88 lakh crore), provide employment for 55,000 people, accounting for 13 percent of all jobs within unicorn startups

A recent report by Indiaspora, titled “Small Community… Big Contributions… Boundless Horizons: The Indian Diaspora in America,” underscores the substantial impact of this community. Collectively, Indian Americans pay approximately $300 billion in taxes annually and contribute between $370 billion and $460 billion in yearly spending. These figures, particularly in sales tax, highlight their significant role in bolstering the U.S. economy.

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Readers

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