The US-based Global Business Policy Council has praised the "extraordinary" contribution of Indian information technology wizards to America's flourishing "new economy". According to a PTI report, high praise was give to the Indian and Chinese communities.
"Just as European immigrants helped to build America's industrial base in the last century, Asian immigrants, particularly Indian and Chinese, are contributing to the spawning of the information economy," the council said.
The council drew special attention to four diaspora powerhouses, Cirrus Logic - founded by Suhas Patil, MSN Hotmail - founded by Sabeer Bhatia, Sun Microsystems of Vinod Khosla all Indians and ESS chaired by Fred Chan, a Chinese immigrant. The council said two-thirds of the skilled immigrants in the US are from Asia, and the majority of them are of ethnic Chinese or Indian descent.
"Strong family ties, ethnic networking, hard work and unique cultural values helped Chinese and Indian communities establish a foothold in Silicon Valley," it said.
The council said Chinese and Indian professionals are not only contributing to the high-tech it industry in the US, they are also helping build the IT industry in their homelands. According to the council, overseas Indians lend substantial amounts to India. "NRI share of India's total debt of 98.231 billion dollars in 1999 was 12.26 per cent and long-term debt of 93.902 billion dollars 13.1 percent," it said.
- nriol.com report
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