For all the outsourcing rhetoric and Say no to Bangalore slogans, India Inc has added 300,000 jobs in the US. As per the India Brand Equity foundation study India Inc created 30000 jobs and contributed $105 billion to the US economy between 2004 and 2007.
India Inc is too broad a definition to point to any particular industry. My guess - most of it is driven by IT and ITeS sectors. Taking the reliability of the study as a caveat, there is good reason to believe that India Inc has contributed to the US economy.
From the projected figures ($105 bn) it is one third of India’s forex reserves. So, President Obama should think twice before he talks anything about outsourcing, India and Bangalore. He should learn something from Hillary Clinton and work towards India-US ties version 3.0. ( Nuclear deal was 2.0)
Not only India Inc but Indians living in the US contribute to the economy very well. A good number of H1-B’s return to India after their 3 years or 6 years. But during this time they pay their taxes and social security. Taxes are something common and they go for funding Obama’s tux. But social security is a dead amount for an Indian living on a H1-B visa. He or she will return to India at some time. The money that went into social security will never come back to the rightful owner.
Instead it goes back to fund the American retirees. No wait! The banks and pension funds have screwed that up with Credit Default Swaps and CDO’s. They aint got any money left.
So, the contribution was there but the sophisticated financial system of the US has botched up all the money. Which again brings us back to the current discussion of : Say No to Bangalore. Now I know.
What a vicious cycle?