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Indian IT companies contributed US$ 57.2 billion to US GDP in 2017, says top official

IBEF:  August 02, 2019

Indian IT companies contributed US$ 57.2 billion to the GDP of the US in 2017, according to India's Ambassador to the US, Mr Harsh Vardhan Shringla.

TCS launching an  education initiative in 2017 called "My Future in School", Infosys tied with Trinity College on Applied Learning Initiative in September 2018, WIPRO's organization with First Book to distribute over 200,000 books by 2019-end, Mindtree's USD 2 million award to Stanford University in July 2018 are some of the instances of Indian IT companies contributon beyond their business operation.

Shringla said the two-way investment among India and the US came to about US$ 60 billion.

The US with US$ 45 billion total investment is the 6th source of foreign investment in India, he also said in his address to State International Development Organization annual (SIDO) convention’s India event organised in association with US India Business Council (USIBC).

SIDO is the only American association that is cantered on state international trade development.

"The US-India relationship is at a critical juncture and needs to evolve with the changing landscsape of US global trade relations”.

Through India's National IPR policy since its dispatch in 2016, the legislature has been working effectively to promote IPR awarenes and enlarge technical manpower to make simpler the patent methodology and diminish pendency in patents and trademarks,

It has finished 50 enforcement workshops for police officials across 26 states and union territories.

India has made strides across different sectors. The way that India has jumped 65 places in four years to arrive at 77th position on the World Bank's Ease of Doing Business ranking and 52nd position in the Global Innovation Index are just some of the global indices reflects India's development as a hub for innovation and manufacturing.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.