Indian companies invest nearly $18 bn in US

Indian companies invest nearly $18 bn in US

Washington, Nov 16: Indian companies have created more than 113,000 jobs in the US and invested nearly $18 billion in the country, according to an annual report which gives state-by-state breakdown of the tangible investments made and jobs created by 100 Indian firms doing business in America and Puerto Rico.
The report titled ‘Indian Roots, American Soil’, which was released by Confederation of Indian Industry (CII), states that Indian companies have also contributed USD 147 million towards corporate social responsibility and $588 million as research and development expenditures in the US.
Together, 100 Indian companies employ 113,423 people across 50 states, the District of Columbia and Puerto Rico, the report said, adding that the total value of tangible investments made by these companies exceeds $17.9 billion.
The top five states in which Indian companies have generated maximum employment are New Jersey (8,572 jobs), Texas (7,271 jobs), California (6,749 jobs), New York (5,135 jobs) and Georgia (4,554 jobs).
According to the report, the top five states in which Indian companies have contributed the highest foreign direct investment are New York ($1.57 billion), New Jersey ($1.56 billion), Massachusetts ($931 million), California ($542 million) and Wyoming ($435 million).
The average amount of investment received from Indian companies per state/territory is USD 187 million, the report said, noting that 85 per cent of the companies plan to make more investments in the US.
As many as 87 per cent of the companies plan to hire more employees locally in the next five years.
Indian industry and professionals are making significant contributions to the US economy, said Indian Ambassador to the US Navtej Sarna.
“The presence and reach of Indian companies continue to grow each year as they invest billions of dollars and create jobs across the United States,” he said.
Chandrajit Banerjee, CII director general said the story of Indian investment in the US is one that showcases how intertwined the two countries are that contribute to each other’s success.