Research by Boston Consulting Group Reveals Outsized Impact of Indians in the U.S. Across Economy and Culture at Event in Mountain View, California
SAN FRANCISCO, June 18, 2024 (GLOBE NEWSWIRE) — Indiaspora, a nonprofit organization of global Indian diaspora leaders, today unveiled a report conducted by Boston Consulting Group, “Indiaspora Impact Report: Small Community, Big Contributions, Boundless Horizons.” The report is the first volume in a series to look at the impact of the Indian diaspora, with a special focus on public service, business, culture and innovation in the United States. In addition to a wealth of eye-opening statistics, the project will also profile inspiring individuals who epitomize the contribution of the diaspora across the full range of economic and cultural areas.
Following events in Washington D.C. and New York City, creators of the report will present and discuss findings in the California Bay Area:
- Technology and Innovation, California Bay Area
June 20, 6:00-9:00 p.m., Computer History Museum in Mountain View, California
Guest speakers include Geetha Murali, CEO Room to Read, Navin Chaddha, Managing Partner, Mayfield Fund, and Manish Chandra, Founder & CEO at Poshmark
As the second largest migrant group in the United States, with a young, highly educated population, the report evaluated the impact of Indian immigrants and Americans of Indian heritage on American life. The report analyzed the group’s impact across economic, cultural, scientific, civic, social and philanthropic areas. At a time when issues around immigration remain highly divisive, Indian Americans have broken through many barriers to become one of the most influential immigrant groups in the U.S. today.
“Indian Americans account for only 1.5% of the U.S. population, yet they continue to have an outsized and positive impact across different aspects of society,” said Indiaspora Founder M.R. Rangaswami. “Indian American-driven innovation flows to the country’s bottom line and is laying the groundwork for the next phase of economic growth.”
The number of Indians living in the U.S. has grown to 5 million in 2023, which represents a 50% increase since 2010. The population is split nearly evenly between first generation and those who claim Indian ancestry. Their far-reaching impact on the lives of Americans includes:
- U.S. economy:
- 16 (approximately 3%) of Fortune 500 companies are led today by CEOs of Indian origin, which make up approximately 5% ($ 978 billion) of total revenue.
- Indian companies have invested more than $40 billion in the U.S. since 2008, contributing to job creation and R&D efforts.
- Indian Americans pay 6% of all U.S. taxes.
- Philanthropy:
- There is a strong sense of “giving back” in the community with their donations to U.S. universities totaling more than $3 billion, including 67 donations exceeding $1 million each to more than 40 universities.
- Science and innovation:
- Members of the diaspora represent more than 10% of NIH grants and U.S. patents, and hold significant positions in academia.
- Education:
- The diaspora is a highly educated group with 77% holding a college degree compared to only 36% of Americans overall.
- There are 23,000 full-time Indian professors at colleges and universities around the country, who have mentored countless students to reach their educational goals.
“Though spelling bee champions and CEOs may grab the limelight, as more Indians call America ‘home,’ their impact is reaching across US culture in ever more significant ways,” said Sesh Iyer, North America Regional Chair, BCG X. “From Indian traditions like Holi and Diwali, to the expanding popularity of Indian restaurants, yoga and cricket in US culture, India continues to add new spice to America’s 250 years of cultural confluence.”
For a copy of the report or to attend a regional event, please contact Mira@indiaspora.org or visit BCG Impact Report — Indiaspora.
About Indiaspora
Indiaspora (www.indiaspora.org) is a nonprofit organization established to transform the success of the Indian diaspora into meaningful impact worldwide. Their members form a powerful network of global leaders who serve as a platform to build stronger communities with a culture of giving and inspiring social change.
CONTACT: Press Contact: Laurie Gibson, Kickstart Consulting for Indiaspora lgibson@kickstartconsulting.com (650) 815-1438
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