The Confederation of Indian Industry (CII) has reported that Indian companies have created 113,000 jobs in the United States, have invested nearly $18 billion in the country and have contributed $147 million towards corporate social responsibility along with spending $ 588 on research and development expenditures in the United States.
According to PTI, the report titled “Indian Roots, American Soil” gives a state-by-state breakdown of the tangible investments made and shows the jobs created in the U.S. by 100 Indian firms.
Together, the 100 companies employ 113,423 people across 50 states, Washington D.C. and Puerto Rico; with 8,572 in New Jersey, 7,271 in Texas, 6,749 in California, 5,135 in New York and 4,554 in Georgia, exceeding $17.9 billion worth of investments.
The report also includes the top five states which have the highest foreign direct investment: $1.57 billion in New York, $1.56 billion in New Jersey, $931 million in Massachusetts, $542 million in California and $435 million in Wyoming.
The average amount of investment received from these Indian companies is $187 million per state and 85 percent of them plan to make more investments in the U.S. with 87 percent of them wanting to hire more local employees in the next five years.
“The presence and reach of Indian companies continue to grow each year as they invest billions of dollars and create jobs across the United States,” Navtej Sarna, Indian Ambassador to the U.S., told PTI adding that Indian industry and professionals are making significant contributions to the U.S. economy.
Chandrajit Banerjee, CII director general, told PTI that “the story of Indian investment in the U.S. is one that showcases how intertwined the two countries are that contribute to each other’s success.”
“Indian firms are among the fastest growing investors in the US, contributing to growth and job creation in the US economy,” Senator Chris Van Hollen added.
The resident director of North America of Tata Sons Ltd., James Shapiro told PTI that “as the largest India-headquartered multinational in North America, the Tata Group has had operations and investments in the US market for many decades.”
“As the world’s oldest democracy and the world’s largest democracy, a strong US-India partnership is vital for the 21st century,” Congressman Ami Bera told PTI.
“The friendship between the US and India has continued to grow under President Trump’s administration, said Congressman Pete Sessions. Indian businesses have brought hundreds of millions of dollars and thousands of jobs to Texas and, at the same time, the reforms led by Prime Minister Modi have opened doors for American companies to expand their operations in India,” he added.
The report also shows that Indian companies have invested over $195 million and created over 3,800 jobs in Illinois, the state of Indian American Congressman Raja Krishnamoorthi who told PTI, “I hope that Indian companies continue to put down roots and invest in our state, as our economy and community are strengthened by their engagement with us.”