Indian Companies add 300,000 New Jobs to U.S. Economy

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A recent research study found that Indian companies created 300,000 new jobs in the US from 2004 to 2007. Ironically, this comes at a time when Indian outsourcing firms are under duress for taking away jobs from Americans.

The Indian Brand Equity Foundation in Washington launched the research study titled 'Contribution of the Indian industry to the U.S. economy'. India’s Commerce and Industry Minister, Anand Sharma said that Indian firms contributed $105 billion to the U.S. economy from 2004 – 2007.

Sharma told the Economic Times, “This revealed a story of commitment to optimize and to invest in the future of the relationship.”

Incidentally, the Indian outsourcing industry is valued at approximately $50 billion and has come under scrutiny and sharp criticism by Americans in the wake of the recession. President Barack Obama has been critical of offshore outsourcing saying it’s time U.S. firms attempted to make a transition from ‘Bangalore to Buffalo.’

Amid this backlash against Indian outsourcing firms like Narayan Murthy’s Infosys, the outsourcing segment in India has been flexing muscles toward lobbying groups and opinion leaders in the U.S. and touting the benefits of outsourcing to developing nations like the India.

The results of the study comes on the heels of a speech prodding closer Indo-U.S. ties, made by U.S. Secretary of State Hillary Clinton in Washington. Clinton has called on the two democracies to work together in several areas including Afghanistan, science and climate change, after Indian Prime Minister Manmohan Singh won reelection, adding credibility to the country’s political stability.

Clinton said during a speech to the US-India Business Council Wednesday,
"We see India as one of a few key partners worldwide who will help us shape the 21st century," reports AFP.