NASSCOM extends our warmest congratulations to the newly sworn in U.S. President Joseph R. Biden and U.S. Vice President Kamala D. Harris and other officials in the U.S. Administration.
President Biden has pledged a new approach on Trade and Immigration, as well as a renewed and revitalized interest in Science and Technology. We appreciate President Biden’s commitment to review and make necessary changes to harmful regulatory policies put in place by the outgoing Administration.
A key challenge the technology sector faces is the lack of required STEM talent in the U.S., clearly highlighted by the high degree of overall unemployment on one hand, and over 750,000 plus job vacancy postings for jobs in computer occupations as of 13th January 2021, a 20% increase since May-2020. That is, despite high degree of overall unemployment in U.S., demand for high-tech skills continues to remain robust – clearly endorsing the argument that there are just not enough workers with relevant skills to fill them. The rules announced by the previous administration will worsen this talent gap. NASSCOM has been actively engaged with U.S. policy makers on these issues, and we look forward to working together with the new U.S. Administration to find solutions to the STEM skills gap, and enable America to be more competitive, to grow and create more jobs.
The Indian technology industry makes significant contributions to the U.S. economy and workforce, including local investments and job-creation, workforce development and upskilling their U.S. employees. NASSCOM member companies have an important history in the U.S.; they work with over three-quarters of the Fortune 500 companies in the U.S., providing them vital technology services and helping them innovate, compete, and grow. India-U.S. bilateral trade increased by over 400% since 2005, with total increase in value from $37 billion in 2005 to $149 billion in 2019: technology sectors of both countries have played a critical role in driving this.
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