Time is right for India-US trade to grow exponentially, says TCS North America head

Washington, Jun 16 (PTI) The time is right for the US-India trade to grow exponentially as the business environment between the countries is improving and India’s growth story is attracting a large number of American companies, according to the North America head of Tata Consultancy Services.

“I have not seen a better business-friendly climate from both governments and there is an increasing interest from US companies to deal with India, especially in areas of technology,” Suresh Muthuswami, chairman of North America TCS told PTI in an interview.

India-US bilateral trade has been on the rise since 2000, but from 2020 to 2022, it has grown from USD 120 billion to USD 191 billion.

“I think we’re just scratching the surface. (There is) enormous interest from the US government. India is a growing economy and(there is) a lot of interest to do business with India. So, the time is right for trade between the two countries to grow exponentially. When it comes to the United States technology has always led the way and it will, it will continue,” Muthuswami said.

TCS which has been in the US for more than 50 years has been the growth and transformation partner for America’s most valuable companies. TCS has more than 1,000 clients in the US.

“We have a lot of room to grow,” he said, noting that every company increases their spending on technology, they all want to be technology companies, irrespective of the industries they are in.

Responding to a question, Muthuswami said there is a need for sharing technology, advanced technology skills and sharing best practices for upskilling.

His comments have come ahead of Prime Minister Narendra Modi’s state visit to the United States from June 20 to 23. The prime minister will meet US President Joe Biden and address a joint sitting of the US Congress during his US visit.

“We hope that Prime Minister Modi and President Biden discuss the importance of elevating technology partnership, strengthening our innovation ecosystems, that includes not only businesses but also governments and economic institutions,” he said.

The TCS North America head said the collaboration between the US and India, on game-changing technologies such as quantum computing, artificial intelligence, 5G, Internet of Things is very critical for both countries.

“In my discussions with various government officials, it is abundantly clear that that’s an area where both countries want to partner,” he said.

“Another area is cybersecurity. TCS also has been working with White House initiatives on this. Cybersecurity is an area where there is a lot of focus for collaboration,” he said.

The recently launched ICET Dialogue, he said, is a step in the right direction. “We are very excited about its potential to deepen the ties between the US and India,” he said adding that both governments can facilitate collaboration.

Noting that the pace of technological advancements is changing rapidly, he said the public-private sector, in both countries, must be positioned to respond with unity.

“To remain competitive, innovative American companies need well-trained employees. We have more than 45,000 people in our workforce in the US. We have been investing in innovation in the US,” he said.

In June 2019, TCS launched Pace Port New York on the campus of Cornell Tech in New York City. Pace Port New York is located in the Tata Innovation Center, a building on the Cornell Tech campus that was funded with a USD 50 million TCS investment in the university.

The goal of the Tata Innovation Center is to bring academia and industry together under one roof to share ideas and research on next-generation digital technologies and how to commercialize new areas of collaboration.

In April 2022, TCS opened Pace Port Pittsburgh on the campus of Carnegie Mellon University. Pace Port Pittsburgh is located in TCS Hall, a building funded with a USD 35 million philanthropic gift to CMU.

The 90,000-square-foot building also houses the CMU Master of Science in Computational Finance program, facilities for the School of Computer Science’s Institute for Software Research, and its Center for Business Engagement.

In March 2021, TCS announced plans to expand its operations in Ohio by hiring more than 800 local employees at its Seven Hills Park campus. To meet the increasing demand for IT talent and address local community needs, TCS will invest more than USD 518 million in Ohio over the next two years and expects to double participation in its STEM and computer science K-12 education programs by 2022.

Also in December 2020, TCS announced it would expand its business operations in Austin, Texas with the construction of a new facility, doubling its presence to more than 400 professionals in the city and adding to its 5,500-plus employees across the state.

By 2022, TCS will hire an additional 130 new employees in Austin. Over the next seven years, TCS will invest more than USD100 million in Austin.

In July 2021, TCS announced plans to expand its operations in Phoenix, Arizona, investing more than USD300 million by 2026 and hiring more than 220 employees by 2023, to meet the digital transformation needs of its customers.

In February 2022, TCS announced it was expanding its operations in New Jersey by hiring nearly 1,000 additional employees by the end of 2023 to meet the growing needs of customers to digitally transform their businesses.

Responding to a question, Muthuswami said TCS has hired about 21,000 people in the last three years in the US. “We have hired 4,500 people from universities in the last three years in the US. Our talent acquisition strategy has been around these efforts right now. We will continue to double down on our investments in the US and hiring more people in the US.

“It has worked out tremendously well for us. We have a very diverse workforce in the US right now, which looking at our last three years’ growth rates in the US, we have grown to 54 per cent of global revenues,” he said.