A recent survey titled “Indian Roots, American Soil” by the Confederation of Indian Industry (CII) reveals that the impact of Indian companies in the United States is increasing significantly, with over 163 Indian companies investing more than $40 billion and creating nearly 4,25,000 job opportunities in the country. The report was launched in Washington DC on May 3 by India’s Ambassador to the United States, Taranjit Singh Sandhu, and the US Ambassador-designate to India, Eric Garcetti.
Indian companies also financed US-based Research and Development (R&D) projects to the tune of nearly $1 billion and spent about $185 million as corporate social responsibility.
According to Taranjit Singh Sandhu, India’s Ambassador to the United States, Indian companies operating in the US not only bring strength, resilience, and competitiveness to the US economy, but they also create job opportunities, support local communities, and build capacity and technical know-how. Sandhu emphasized that Indian companies in the US have transformed neighborhoods and create virtuous cycles of prosperity by investing and contributing to the local economy.
CII Director General Chandrajit Banerjee stated that Indian companies have exhibited their resilience and commitment to the US market through increased investments, job creation, sector diversification, and expanding geographic presence. Banerjee added that the future plans of Indian companies to invest and hire more employees indicate a positive growth trajectory for the US-India economic relationship.
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 ($9.8 billion), Georgia ($7.5 billion), New Jersey ($4.2 billion), New York ($2.1 billion), Massachusetts ($1.4 billion), Kentucky ($908 million), California ($776 million), Maryland ($720 million), Florida ($711 million) and Indiana ($582 million).
According to the report, 85% of the companies plan to make more investments in the United States in the next few years and 83% of the companies plan to hire more employees in the US in the next five years.
A reception was held at India House, which was attended by Arun Venkataraman, the Assistant Secretary of Commerce, and Jasjit Singh, the Executive Director of Select USA, along with 250 participants from the business community and representatives from 25 US states.
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