Indians have outsize impact across US economy and culture: Report

Indiaspora Impact Report reveals CEOs of Indian origin lead 16 Fortune 500 companies with $978 billion in revenue and 2.7 million employees

By Arun Kumar

With a young, highly educated population, Indian Americans have broken through many barriers to become one of the most influential immigrant groups in the US today, according to a new report.

Over five million Indians living in the US, making up only 1.5% of the US population, are having an outsize far-reaching impact on the lives of Americans, according to the report released June 13 in Washington, DC, by Indiaspora, a nonprofit organization of global Indian diaspora leaders.

The report conducted by Boston Consulting Group, “Indiaspora Impact Report: Small Community, Big Contributions,” 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, according to an Indiaspora press release.

“Indian Americans account for only 1.5% of the US population, yet they continue to have an outsized and positive impact across different aspects of US 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.”

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 across economic, cultural, scientific, civic, social and philanthropic areas.

At a time in the United States 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 US today, the report noted.

The number of Indians living in the US has grown to 5 million in 2023, which represents a 50% increase since 2010. The population is a near-even split between first-generation and those who claim Indian ancestry. Their far-reaching impact on the lives of Americans includes:

US economy:
16 (over 3%) out of the Fortune 500 companies are led today by CEOs of Indian origin, which make up about 5% (nearly $ 978 billion) of total revenue and 2.7 million employees.

They range from Sundar Pichai, the CEO of Google, who traveled on a plane for the very first time when he came to the US to attend Stanford, to Reshma Kewalramani, the CEO of Vertex Pharmaceuticals, who migrated at the age of 12 and went on to study medicine at Boston University.

Indian Americans have co-founded over 11% of unicorns (72 out of 648) in the US in 2023 with a combined valuation of $195 billion (9% of all US unicorns), employing over 55,000 individuals (13%).

These startups are solving a diverse range of problems with Hari Balakrishnan’s Cambridge Mobile Telematics aiming to make America’s roads safer, while Gaurab Chakrabarti’s Solugen is decarbonizing industrial processes.

Indian companies have invested a $40 billion+ in the US (since 2008), contributing to job creation and R&D efforts.

Indian Americans pay 6% of all US Taxes. 1.5% of the US population is a part of the Indian diaspora paying about 5-6% of U.S. taxes and indirectly creating around 11-12 million jobs.

About 270,000 Indian international students enrolled make up 30% of all international students bringing $10 billion in revenue and creating nearly 93,000 jobs (direct and indirect).

Philanthropy:
There is a strong sense of “giving back” in the community with their donations to US universities totaling more than $3 billion, including 67 donations of over $1 million to more than 40 universities.

Science and innovation:
Members of the diaspora represent more than 10% of NIH grants and US patents, as well as 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.

The creators of the report will present and discuss findings at three regional events:
Politics and Public Service, Washington, DC, June 13, 6:00-9:00 pm, at the National Press Club. Guest speakers include Sethuraman Panchanathan, Director of the US National Science Foundation.

Business and Culture, New York City, June 14, 4:00-6:30 pm, at the Consulate General of India, New York. Guest speakers include Indra Nooyi, CEO of PepsiCo (2006-2018), and Edward Knight, Nasdaq Executive Vice Chairman.

Technology and Innovation, California Bay Area, June 20, 6:00-9:00 pm, Computer History Museum in Mountain View.

For a copy of the report visit BCG Impact Report — Indiaspora.