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Indian IT cos in US paid $15bn in taxes in last 5 yrs
The Indian IT industry in the US has contributed $15 billion in taxes alone in the last five years, Foreign Secretary Ranjan Mathai said, stressing on the need to eliminate discriminatory actions.
Mathai, on his first bilateral visit to the US in his capacity as the foreign secretary, expressed hope that the economic challenges in the US would not lead to protectionism and concerns of the Indian IT industry will be addressed.
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Indian IT cos in US paid $15bn in taxes in last 5 yrs
He is believed to have raised the issue in his meeting with the officials of commerce department on Monday.
"We do hope the current economic challenges in the US would not lead to protectionism and that concerns of Indian IT industry will be addressed quickly," Mathai said in his address to the Centre for Strategic and International Studies.
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Indian IT cos in US paid $15bn in taxes in last 5 yrs
NASSCOM estimates that Indian industry employs over 100,000 in the US up from 20,000 six years ago, he said adding it supports 200,000 other jobs, including indirect ones, apart from enhancing the competitiveness of some the US industries.
"Most Indian companies are setting up development centres. Indian IT industry contributed $15 billion in taxes over the last five years. This success story should not be set back by stringent visa regulations which act as a non-tariff barrier," he said.
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Indian IT cos in US paid $15bn in taxes in last 5 yrs
"According to a back of envelope calculation - Indians paid over $200 million in visa fees. Perhaps $30-50 million has been taken from young aspiring Indians working in businesses whose US visas were rejected.
The pink slip has become a greenback!" Mathai said.
"It needs reiteration that the targets of these discriminatory actions are precisely those who have contributed intellectually to the climate of reform in India, and who have been votaries of strong India-US relations," said the foreign secretary.