Over 160 Indian companies present throughout 50 US states generated US$ 40 billion in investments generating 425,000 jobs across various sectors.
The Confederation of Indian Industry (CII) released the seventh edition of its flagship report, ‘Indian Roots, American Soil,’ at a reception hosted by Indian Ambassador to the United States, Taranjit Singh Sandhu in Washington D.C.
The report highlights the positive stories of Indian companies’ contributions to the US economy and society, found that over 160 Indian companies present throughout 50 US states generated US$ 40 billion in investments generating 425,000 jobs across various sectors.
According to the report, the most jobs were created in Texas (20,906 jobs) followed by 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), and Illinois (8,454 jobs).
Ambassador Sandhu said, “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.”
The report also found that the firms have invested over US$ 1 billion in US-based Research and Development (R&D) projects and nearly $195 million in corporate social responsibility (CSR) efforts. Additionally, 83% of businesses have expressed an interest to invest more while 85 %expect to hire more in the States.
Texas with $9.8 billion topped the list of ten countries gaining most FDI from India followed by 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).
“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, ” said Chandrajit Banerjee, director general, (CII)
Indian Ambassador-designate Eric Garcetti, Governor Cooper of North Carolina, Governor Lou of Guam, Governor Palacios of the Commonwealth of Northern Mariana Islands, Assistant Secretary of Commerce Arun Venkataraman, Executive director of SelectUSA Jasjit Singh along with 250 business leaders and 25 US state representatives attended the reception.