Business Today
Loading...

Indian firms create 125,000 jobs, invest $22 billion in the US

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, D.C., and Puerto Rico

twitter-logoJoe C Mathew | June 16, 2020 | Updated 16:11 IST
Indian firms create 125,000 jobs, invest $22 billion in the US
Representative Image

Key Highlights

  • 155 Indian companies account for over $22 billion investments in the US
  • Indian firms create nearly 125,000 jobs in the US
  • Texas, New Jersey, New York, Florida, and Massachusetts top investment destinations
  • Indian investments in 20 US states stand at over $100 million each
  • 77% companies plan to make more investments in the United States.
  • 83% companies plan to hire more employees locally over the next five years

As many as 155 companies with origins in India are responsible for generating over $22 billion in investments and nearly 125,000 jobs across the United States, according to a new survey released today 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, D.C., and Puerto Rico. Texas, California, New Jersey, New York, and Florida are home to the greatest number of workers in the U. 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 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 totaled $175 million and $900 million, 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). Similarly, the top five states in which Indian companies have contributed the highest foreign direct investment are: Texas ($9.5 billion), New Jersey ($2.4 billion), New York ($1.8 billion), Florida ($915 million), and Massachusetts ($873 million).

The CII survey respondents represent diverse sectors including pharmaceuticals and life sciences, telecommunications, aerospace and defense, financial services, manufacturing, tourism and hospitality, design and engineering, automotive, food and agriculture, energy and mining and materials.

 "As CII celebrates its 125th anniversary this year as well as 25 years of its US operations, the Indian Roots, American Soil 2020 report marks an important milestone, and is a testament to the robust economic partnership between India and the US," Chandrajit Banerjee, Director General, CII said. "The survey results show that the US is a preferred investment destination for Indian companies which are contributing significantly to supporting local jobs. 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," he added.

Also Read: Coronavirus fallout: SoftBank's ride-hailing service Grab lays off over 300 employees

Also Read: China's Great Wall Motors signs $1 billion MoU with Maharashtra; border tensions with India escalate

Also Read: This pharma share hits fresh 52-week high after Rakesh Jhunjhunwala raises stake

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close