Indian investments in 20 American states amount to more than $ 100 million each, according to the CII report.
Washington:
According to a report released Monday by the Confederation of Indian Industries (CII), 155 Indian companies have invested $ 22 billion in the United States, creating nearly 125,000 jobs in the country.
The report, “Indian Roots, American Soil 2020,” is a state-by-state breakdown of tangible investments made and jobs created by 155 interviewed Indian companies doing business in the 50 states, as well as in Washington, DC and Puerto Rico.
Texas, California, New Jersey, New York and Florida are home to the largest number of workers in the United States directly employed by Indian reporting companies, the report said.
“The American Indians have made so many important cultural, economic and scientific contributions to our country and Texas appreciates your hard work and innovation. So keep up the good work!” said Senator John Cornyn, who is also co-chair of the Senate India Caucus.
CII said the companies surveyed had revealed the highest amounts of foreign direct investment (FDI) in Texas, New Jersey, New York, Florida and Massachusetts.
The states with the highest concentrations of Indian reporting companies were New Jersey, Texas, California, New York, Illinois, and Georgia.
“Together, 155 Indian companies employ nearly 125,000 people in 50 states, the District of Columbia and Puerto Rico. The total value of the tangible investments made by these 155 companies exceeds $ 22 billion,” said the CII.
According to the report, the top five states in which Indian businesses have generated the most jobs 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 top five states in which Indian companies have contributed the most to foreign direct investment are Texas ($ 9.5 billion), New Jersey ($ 2.4 billion), New York ($ 1.8 billion) , Florida (USD 915 million) and Massachusetts (USD 873 million).
Indian investments in 20 American states amount to more than $ 100 million each, according to the CII report, adding that 77% of companies plan to invest more in the United States.
Up to 83% of companies plan to hire more employees locally over the next five years.
Now, as the world, and India and America wrestle with the coronavirus, “we must use this time to devote to creating good jobs for Americans, for Indians,” said Senator Mark. Warner, co-chair of the India Caucus Senate.
“We must re-commit to strengthening relations between India and the United States,” he said.
“The Native American community has made a significant contribution to American society – whether through the arts, the military, business or medicine,” said Congressman Ami Bera, chairman of the subcommittee. the House’s foreign affairs office on Asia and the Pacific; and America’s oldest Indian in Congress.
The companies interviewed also provided data on their spending on corporate social responsibility (CSR) and research and development, which totaled $ 175 million and $ 900 million, respectively.
“The report draws attention to the contribution of Indian businesses to local communities through their CSR initiatives such as supporting students, organizing special skills and training programs,” said the ambassador. India in the United States, Taranjit Singh Sandhu.
This report tells the continuing story of successful and innovative Indian companies attracted to the United States as one of the best places to do business, and American locations eager to host these companies, said Diane Farrell, Under Secretary acting assistant for international administration, American department. Trade.
Growing ties and investments between the American and Indian business communities support jobs and opportunities for our two countries and help us respond to global challenges, such as COVID-19, said Peter Haas, Undersecretary of State senior assistant.
Chandrajit Banerjee, chief executive officer of CII, said the survey results show that the United States is a preferred investment destination for Indian companies that make a significant contribution to supporting local jobs.
The survey results capture a snapshot over time, documenting only tangible investments and direct jobs, so I think the real economic impact of Indian FDI in the United States is much greater, did he declares.
It is essential that the United States government continue to provide an enabling policy environment for Indian businesses to thrive and improve their operations in the United States, particularly to help the economic recovery at this time, said Mr. Banerjee.
Kapil Sharma, President of CII India Business Forum USA and Vice President of Government and Public Affairs in North America, said Wipro in the current scenario, Indian companies in the United States have demonstrated their values-based leadership, working to limit the spread of COVID-19, to protect the safety of its workers and to help restart the American and Indian economies.
