163 Indian companies have invested US$ 40 billion in the US and generated 425,000 employment: Report

The survey “Indian Roots, American Soil” of the Confederation of Indian Industry (CII), which was launched by India's Ambassador to the US, Mr. Taranjit Singh Sandhu, revealed that as many as 163 Indian companies have invested more than US$ 40 billion in the US so far which has created nearly 425,000 jobs in the country.

Indian companies spent nearly US$ 185 million on corporate social responsibility (CSR) in the US and their financing of US-based Research and Development (R&D) projects is nearly US$ 1 billion.

Mr. Taranjit Singh Sandhu stated that 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 expertise. He further mentioned that it is astonishing how Indian companies have accomplished improving American neighbourhoods while travelling around the country. They go above and above to help local communities, collaborate with schools, and boost the economy in the US by generating positive cycles of employment, investment, and growth.

CII Director General, Mr. Chandrajit Banerjee has mentioned that Indian companies have proven their tenacity and dedication to the US market through increased investments, the creation of jobs, industry diversification, and geographic expansion across the country. Their intentions to increase their investments and employment further point to the US-India economic relationship's strong growth trajectory.

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 foreign direct investments (FDI) from Indian companies were Texas (US$ 9.8 billion), Georgia (US$ 7.5 billion), New Jersey (US$ 4.2 billion), New York (US$ 2.1 billion), Massachusetts (US$ 1.4 billion), Kentucky (US$ 908 million), California (US$ 776 million), Maryland (US$ 720 million), Florida (US$ 711 million) and Indiana (US$ 582 million).

In the upcoming years, 85% of the corporations intend to increase their investments in the US, and 83% intend to increase their personnel counts there during the following five years.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.