Indian Diaspora Driving Economic Growth Here In The US

The Indian diaspora in the US has a significant impact on cultural variety and economic prosperity, bringing in over $300 billion in tax money to the federal government each year.

With 5.1 million members, including 2.8 million first-generation immigrants, the Indian diaspora is a vibrant community.

Due to Kamala Harris’s presidential campaign against the Republican Grand Old Party (GOP), the relatively small but highly accomplished Indian diaspora in the US has gained attention.

Shyamala Gopalan, the mother of Kamala Harris, personifies the essence of the Indian diaspora in the United States. She bravely entered a new world when she arrived in the US in the late 1950s, motivated by her desire for opportunity and her faith in education. Gopalan left behind a resilient heritage that helped her daughter become a leader and an example of the achievements made by the Indian-American community.

According to the most recent Impact Report by Indiaspora, a US-based non-profit organisation, Indian Americans are being nominated to senior public service posts more frequently these days, accounting for over 4.4% of the positions while the diaspora makes up only 1.5% of the US population.

The diaspora has had a great impact in recent years, driving economic growth and occupying top positions in businesses. They give the US federal government $300 billion in tax income each year.

Currently, 16 out of the Fortune 500 firms are run by CEOs of Indian descent. These companies employ 2.5 million people worldwide and have annual revenue of around 978 billion.

Contributions From Unicorn Founders And CEOs

It is well known that an Indian parent paid his son’s airfare to the United States so he could attend Stanford for his master’s degree, using his entire year’s pay. Thirty years later, the bold and resourceful individual who embarked on a risky trip is either a tech pioneer or the CEO of one of the top five largest firms in the world. The lengthy list of Indian diaspora has been paved by Google CEO Sundar Pichai.

Based on the current Indiaspora Impact study, out of 648 unicorn businesses in the US, about 72 are led by Indian-origin founders that employ over 55,000 people in the US. This accounts for 11% of all unicorns in the nation. Stories of tech and serial entrepreneurs carving out markets for the world may be found in startups like Rippling and Lacework. Another illustration is Cambridge Mobile Telematics, a business that leverages AI to collect data from millions of devices in order to improve vehicle safety on US highways. A Silicon Valley business called Innovacer is using analytical technology to use healthcare data and save the US over $1 billion in medical expenses.

Academic Pursuits Leading To Corporate Success

India is becoming a net exporter of talent, while the US has long been known as a nation of endless opportunity. Not unexpectedly, 25% of overseas students attending US universities are Indian. Approximately 270,000 Indian students attend prestigious Indian universities, contributing their own viewpoints and academic skills to those institutions.

Following their undergraduate studies in India, a sizable portion of Indians pursue higher degrees in the US, a tendency that is indicative of the globalised period. Their academic path gives students the abilities and qualities needed to succeed in a cutthroat international marketplace.

Think about Satya Nadella, who championed major changes to cloud computing and artificial intelligence (AI) while also building a more inventive, cooperative workplace culture during his time at Microsoft.

However, it hasn’t been a one-way street all by itself.

Co-founders of numerous startups and almost 20% of Indian unicorns have successfully exploited US higher education to launch profitable businesses. The founders of PhonePe, a leading financial company in India, received their education in the US. After graduating from US institutions with graduate degrees, the three founders of PhonePe—Rahul Chari, Burzin Engineer, and Sameer Nigam—returned to India to work at Flipkart until launching the company in 2015. PhonePe is currently valued at an astounding $12 billion pre-money.

The Indian diaspora effects of on the culture

2.8 million of the 5.1 million individuals that make up the Indian diaspora are first-generation immigrants. Their influence goes far beyond bolstering the nation’s economy; they have a big say in everything from cricket to cuisine in American culture.

The Indian diaspora owns around 60% of all US hotels, generating $700 billion in sales and four million jobs in the hospitality industry. Quite a few of them provide Indian cuisine.

It was difficult to find a decent Indian restaurant chain in the US until the mid-1990s. Back then, the majority of restaurants were privately owned by nearby businesses. But the environment started to change as the want for a taste of home increased. Indian restaurant franchises are now widely available in the US, with several outlets in Texas, California, New Jersey, and New York. In the US, brands like Curry Up Now, Chutneys, The Butter Chicken Company, Rangoli Grill, Twisted Indian Wraps, and Honest are now well-known.

Officially, cricket will be played at the 2028 Summer Olympics in Los Angeles. Cricket will participate in the Olympics for the first time since 1900.

It comes as no surprise that yoga has become a popular fitness regimen all around the world. The US is not an outlier. In 2023, 10% of US citizens reported doing yoga.

The Indo-US Corridor for Joint Development

Additionally, the Indo-US corridor has been an essential hub of international trade. The amount of US goods imported into India increased to $51 billion in FY23, suggesting a sizable market for US goods there. Similarly, in 2022, India’s exports of products and services to the US came to $79 billion and $33 billion, respectively.

Additionally, there has been an increase in FDI equity inflows and investments between the two nations. By 2023, Indian businesses would have spent $40 billion in the US, generating 426,000 new jobs.

With around $26 billion in remittances to India in 2022–2023, the US was also a major supplier. These monies balance ledgers and spur innovation and development, giving the Indo-US economy a much-needed boost.