155 Indian firms account for over $22 bn in investments, nearly 1.25 lakh jobs in US:CIItext_fields
New Delhi: As many as 155 companies with origins in India are responsible for generating over USD 22 billion in investments and nearly 1.25 lakh jobs across the US, according to a report by CII. The report, 'Indian Roots, American Soil 2020,' is a state-by-state breakdown of tangible investments made and jobs created by 155 surveyed Indian companies engaged in business in all 50 states, as well as Washington, DC and Puerto Rico.
The top five states in which Indian firms have generated maximum employment are: Texas (17,578 jobs), California (8,271 jobs), New Jersey (8,057 jobs), New York (6,175 jobs) and Florida (5,454 jobs), the report said.
The top five states in which the surveyed Indian companies contributed the highest foreign direct investment are: Texas (USD 9.5 billion), New Jersey (USD 2.4 billion), New York (USD 1.8 billion), Florida (USD 915 million), and Massachusetts (USD 873 million).
The states with the top concentrations of Indian companies were New Jersey, Texas, California, New York, Illinois and Georgia.
The surveyed companies also provided data regarding their corporate social responsibility (CSR) and research and development expenditures, which stood at USD 175 million and USD 900 million, respectively.
Moreover, 77 per cent of the companies plan to make more investments in the US, and 83 per cent plan to hire more employees locally in the next five years.
The CII survey respondents represent diverse sectors including pharmaceuticals and life sciences, telecommunications, aerospace and defence, financial services, manufacturing, tourism and hospitality, design and engineering, automotive, food and agriculture, energy and mining and materials.
Taranjit Sandhu, Ambassador of India to the US said the sixth edition of CII report highlights the significant investments made by Indian industry in the US, including in the area of research and development.
"This report tells the continuing story of successful and innovative Indian companies attracted to the US as one of the best places to do business, and the US locations eager to welcome those companies," Diane Farrell, Acting Deputy Under Secretary for International Administration, US Department of Commerce. "The results in the survey capture a snapshot in time, documenting tangible investments and direct jobs only, so I believe that the actual economic impact of Indian FDI in the US is much larger.
"It is critical that the US Government continues to provide a supportive policy environment for Indian companies to flourish and enhance their operations in the US, especially to aid economic recovery at this time," CII Director-General Chandrajit Banerjee said. PTI RSN MR