The Indian-American community has made significant contributions to the US, accounting for 5-6% of total US tax contributions despite being just 1.5% of the population. They excel in diverse fields like healthcare, entrepreneurship, and hospitality, owning one in ten US physicians and 60% of US hotels. With a median income nearly double the national average, Indian-Americans demonstrate remarkable talent and potential, poised to play an increasingly pivotal role in shaping America's future.
The Indian-American community has long been a source of pride, not just for India, but for the United States as a whole. This small yet mighty population has made an outsized impact in fields ranging from politics and technology to healthcare and entrepreneurship. A recent joint report by BCG and Indiaspora, a nonprofit organization of global Indian origin leaders, has shed light on the remarkable achievements of this vibrant community.
According to the report, there are currently 51 lakh (5.1 million) Indian-Americans, making up just 1.5% of the US population. Yet, this small fraction accounts for a staggering 5-6% of the total US tax contributions, with a median income of $136,000 – nearly double the national average.
The Indian-American dominance is evident across various sectors. One in ten physicians in the US is of Indian origin, serving 30% of the patient population. Sixty percent of all US hotels are owned by members of the Indian diaspora, generating $700 billion in revenue and creating over 4 million jobs. Indian-Americans also own an estimated 35-50% of all convenience stores in the country, representing $350-490 billion in annual revenues.
The report also highlights the remarkable entrepreneurial spirit of Indian-Americans. Since 2010, India has seen an exponential growth in the number of unicorns, reaching 114 as of March 2024. Notably, India is the leading country of origin for immigrant-founded unicorns in the US over the past five years.
Reflecting on this remarkable journey, Union Foreign Minister S Jaishankar said, "When Pandit Nehru went to the US for the first time as PM, the Indian diaspora there was 3,000. When Indira Gandhi went there (first time as PM), the number was 30,000. When Rajiv went (same role), the number was 3 lakh. And when Narendra Modi went (same role first time), the number was 33 lakh. However, it is not just the quantity of the Indian diaspora but the quality and their skills, talent and contribution that has stood out."
US Ambassador to India, Eric Garcetti, echoed these sentiments, stating, "This isn't just a report of how Indians have influenced America. It's a reflection of America itself. To know Indian Americans is to know America.... If you want to see the future; if you want to work on the future; if you want to co-author that future, come to India. If you want to see the future of America, understand the Indian-American community and you will see where we are going."
The Indian diaspora is primarily concentrated in California, Texas, New Jersey, New York, and Illinois. While there are still challenges, such as a small percentage living below the poverty line and being undocumented, the community continues to thrive and make significant contributions.
Indian-Americans contribute $1.5-2 billion annually to charity and have donated over $3 billion to US universities since 2008. As of 2023, Indian companies have invested $40 billion in the US and created almost 4.3 lakh (430,000) jobs. Remittances from the US to India stood at $26 billion in 2022-23.
Garcetti also noted an interesting statistic – about 30% of the Indian-American diaspora is not married, presenting a unique opportunity for eligible men and women to connect.
As the world navigates challenging times, the Indian-American community's ability to foster trusted relationships and international collaborations becomes increasingly valuable. Jaishankar aptly observed, "Ironically AI is actually going to require very trusted human relationships for collaborations to advance internationally. More than ever before Indians can create that level of comfort and trust in very, very critical areas."
The remarkable rise of Indian-Americans is a testament to the community's talent, work ethic, and unwavering commitment to excellence. As the world looks to the future, the Indian-American community will undoubtedly continue to play a vital role in shaping the landscape of the United States and beyond.
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