155 Indian companies account for $22 billion in investments in US: CII Study
Jun 16, 2020
Washington [USA], June 16 : A total of 155 companies with origins in India are responsible for generating over 22 billion dollars in investments and nearly 125,000 jobs across the United States, according to a new survey report released on Tuesday by the Confederation of Indian Industry (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 doing business in all 50 states as well as Washington DC and Puerto Rico.
Texas, California, New Jersey, New York and Florida are home to the greatest number of workers in the United States directly employed by the reporting Indian companies. The surveyed companies disclosed the highest amounts of foreign direct investment (FDI) in Texas, New Jersey, New York, Florida and Massachusetts.
The states with the top concentrations of Indian companies reporting 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 totalled 175 million dollars and 900 million dollars respectively.
The top five states in which Indian companies 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 top five states in which Indian companies have contributed the highest foreign direct investment are: Texas (9.5 billion dollars), New Jersey (2.4 billion dollars), New York (1.8 billion dollars), Florida (915 million dollars) and Massachusetts (873 million dollars).
The report said Indian investments in 20 US states stand at over 100 million dollars each. About 77 per cent of the companies plan to make more investments in the United States. And 83 per cent of the companies 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.
"The report draws attention to the contribution made by Indian companies to local communities through their CSR initiatives like supporting students, organising special skill and training programmes," said Indian Ambassador to the Unites States Taranjit Sandhu.
Diane Farrell, Acting Deputy Under Secretary for International Administration at the US Department of Commerce, said: "The 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 the US locations eager to welcome those companies."
