Thursday, July 18, 2024

Indian People contribute 5-6% of US taxes regardless of being only one.5% of inhabitants: BCG report

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A current report by Indiaspora and Boston Consulting Group (BCG) highlights the numerous financial impression of Indian People in the US. Regardless of comprising only one.5 % of the US inhabitants, the 5.1 million-strong Indian diaspora contributes about 5-6 % of all earnings taxes within the nation, amounting to roughly $250-300 billion.

Indian People are influential leaders in varied sectors, with sixteen Indian-origin CEOs heading Fortune 500 firms, together with Microsoft’s Satya Nadella, Google’s Sundar Pichai, and Vertex Pharma’s Reshma Kewalramani. Collectively, these CEOs make use of 2.7 million People and generate almost $1 trillion in income.

Within the startup world, Indian People have co-founded 72 out of 648 US unicorns as of 2024. These startups make use of over 55,000 folks and have a mixed valuation of $195 billion.

The Indian diaspora’s dedication to training is noteworthy, with round 78 % of Indian People holding a bachelor’s diploma or greater, considerably greater than the US nationwide common of 36 %. Roughly 22,000 school members in American universities are of Indian descent, and so they maintain key management positions in 70 % of the highest 50 US faculties.

Indian-origin innovators have made important contributions to analysis and academia within the US. Between 1975 and 2019, the share of US patents involving Indian-origin innovators elevated from 2 % to 10 %. In 2023, they accounted for about 11 % of all NIH grants and 13 % of scientific publications.

Indian People additionally maintain notable positions within the US authorities and international policymaking. As of 2023, round 150 Indian People are within the Federal administration, together with Vice President Kamala Harris. Ajay Banga, the brand new president of the World Financial institution, exemplifies the diaspora’s affect in shaping international insurance policies.

The Indian diaspora additionally impacts their dwelling nation by way of philanthropy. They contributed over $1.5 billion to numerous causes within the US and supported causes in India with round $830 million in donations throughout 2018-19, making up 35 % of all donations to India.

Regardless of their achievements, the Indian American group faces challenges. About 6 % of Indian People had been under the poverty line as of 2020, and an estimated 14 % had been undocumented in 2021.

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