Sunday, July 21, 2024

A total of 163 Indian companies invested $40bn in U.S.; created 4,25,000 jobs: CII survey

Taranjit Singh Sandhu. File

Taranjit Singh Sandhu. File
| Photo Credit: PTI

As many as 163 Indian companies have invested more than $40 billion in the United States so far which has created nearly 4,25,000 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 May 3 by India’s Ambassador to the United States Taranjit Singh Sandhu in the presence of U.S. Ambassador-designate to India Eric Garcetti, also revealed that Indian companies spent nearly $185 million as corporate social responsibility in the United States and their financing of U.S.-based Research and Development (R&D) projects is nearly $1 billion.

“Indian companies in the U.S. bring strength, resilience and competitiveness to the U.S. They create jobs, support the local communities, and build capacity and technical know-how. They create virtuous cycles of prosperity,” Mr. 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 U.S., I have been amazed to see what Indian companies have done to transform neighbourhoods in the U.S. They not only create virtuous cycles of employment, investment and growth in the U.S.; 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,” Mr. Sandhu said.

The survey said that as many as 163 Indian companies have invested over $40 billion in the United States that further has created nearly 4,25,000 jobs in the country.

According to Chandrajit Banerjee, CII Director General, Indian companies have demonstrated their resilience and commitment to the U.S. market, with increasing investments and job creation, as well as growing sector diversification and expanding geographic presence across the U.S.

“Their future plans to invest and hire more, further indicate a positive growth trajectory for the U.S.-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 ($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 U.S. 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 Select USA Jasjit Singh, with 250 participants from the business community and 25 U.S. state representatives.

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