163 Indian companies invested USD 40 bn in US; created 425K jobs: Report
As many as 163 Indian companies have invested more than USD 40 billion in the United States so far which has created nearly 425,000 jobs in the country, according to a survey.
The survey titled “Indian Roots, American Soil” of the Confederation of Indian Industry (CII), which was launched on Wednesday by India’s Ambassador to the United States Taranjit Singh Sandhu in the presence of US Ambassador-designate to India Eric Garcetti, also revealed that Indian companies spent nearly USD 185 million as corporate social responsibility in the United States and their financing of US-based Research and Development (R&D) projects is nearly USD 1 billion.
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“Indian companies in the US bring strength, resilience and competitiveness to the US. They create jobs, support the local communities, and build capacity and technical know-how. They create virtuous cycles of prosperity,” Sandhu said in his address in the presence of a large number of representatives of Indian companies who are currently in the city to attend the Select USA Summit. This is one of the largest India delegations ever at Select USA.
“In my travels across the US, I have been amazed to see what Indian companies have done to transform neighbourhoods in the US. They not only create virtuous cycles of employment, investment and growth in the US; but go beyond- they support local communities and partner with schools and universities. India has always believed that success is to be shared, and sharing is a success,” Sandhu said. The survey said that as many as 163 Indian companies have invested over USD 40 billion in the United States that further has created nearly 425,000 jobs in the country.
According to Chandrajit Banerjee, CII Director General, Indian companies have demonstrated their resilience and commitment to the US market, with increasing investments and job creation, as well as growing sector diversification and expanding geographic presence across the US. “Their future plans to invest and hire more, further indicate a positive growth trajectory for the US-India economic relationship,” he said. The top ten states benefiting from jobs created by Indian companies are Texas (20,906 jobs), New York (19,162 jobs), New Jersey (17,713 jobs), Washington (14,525 jobs), Florida (14,418 jobs), California (14,334 jobs), Georgia (13,945 jobs), Ohio (12,188 jobs), Montana (9,603 jobs), Illinois (8,454 jobs).
The top ten states with the most reported FDI from Indian companies were Texas (USD 9.8 billion), Georgia (USD 7.5 billion), New Jersey (USD 4.2 billion), New York (USD 2.1 billion), Massachusetts (USD 1.4 billion), Kentucky (USD 908 million), California (USD 776 million), Maryland (USD 720 million), Florida (USD 711 million) and Indiana (582 million). According to the report, 85 per cent of the companies plan to make more investments in the United States in the next few years and 83 per cent of the companies plan to hire more employees in the US in the next five years.
The reception at India House among others was attended by Governor Ray Cooper of North Carolina, Governor Lourdes A. Leon Guerrero of Guam, Governor Arnold Palacios of the Commonwealth of Northern Mariana Islands, Assistant Secretary of Commerce Arun Venkataraman and Executive Director of SelectUSA Jasjit Singh, with 250 participants from the business community and 25 US state representatives.