Indian companies have invested over $40 billion in the U.S. and employ more than 4,25,000 people across 40 U.S. states where they have tangible investments, plus the District of Columbia and Puerto Rico, states the seventh edition of the Confederation of Indian Industry (CII)’s survey report, “Indian Roots, American Soil”. The investment has been made by 163 companies.
While 85% of the companies plan to make more investments in the United States in the next few years, 83% of them plan to hire more employees in the U.S. in the next five years, the survey indicates. The sectors where Indian firms operate include Life Sciences, Pharmaceuticals and Healthcare, Information Technology and Telecommunications, Manufacturing, Services (including Financial, Legal, Logistics, Design), Automotive, Food and Agriculture, Tourism and Hospitality, Energy and others.
These companies have invested nearly $1 billion in U.S.-based Research and Development (R&D) projects and have undertaken corporate social responsibility (CSR) efforts worth nearly $195 million, the report said.
Texas, New York, New Jersey, Washington, Florida & California are currently the biggest beneficiaries of the most employment (direct jobs) created by Indian companies. Texas, Georgia, New Jersey, New York and Massachusetts have the highest foreign direct investment (FDI) from Indian companies. New Jersey, Texas, New York & California, Georgia & Illinois, and Michigan are home to the highest number of Indian companies present in the United States, the report shows.
“CII’s flagship report, Indian Roots, American Soil is part of our ongoing effort to highlight the positive stories of Indian companies' contributions to the US economy and society. 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 US-India economic relationship," Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), said.
The top 10 states benefitting 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 10 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).
The survey was released at the India-U.S. Business Reception, hosted by Taranjit Singh Sandhu, Ambassador of India, in Washington.
