IT industry lobby group National Association of Software and Services Companies (NASSCOM) said that it appreciated US President Joseph Biden’s commitment to review and make necessary changes to harmful regulatory policies put in place by the outgoing Administration. In a statement, congratulating the officials in the new US government, NASSCOM pointed out that a key challenge the technology sector faces is the lack of science, tech, engineering and math (STEM) talent in the US. There were over 750,000 job vacancy postings for computer occupations in January 2021, a 20% increase since May 2020. “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,” it said.
NASSCOM will continue to work with the new US administration to find solutions to the STEM skills gap, it said.
The Indian technology industry makes significant contributions to the US economy and workforce, including local investments and job-creation, workforce development and upskilling their US employees. NASSCOM member companies work with over three-quarters of the Fortune 500 companies in the US. India-US bilateral trade increased by over 400% since 2005, with total increase in value from $37 billion in 2005 to $149 billion in 2019, with the technology sectors of both countries have played a critical role in driving this, it said.
