Taranjit Singh Sandhu. file | Photo Credit: PTI
According to a survey, so far 163 Indian companies have invested more than $40 billion in the US, creating around 4,25,000 jobs in the country.
The Confederation of Indian Industry (CII) survey titled “Indian Roots, American Soil” was launched on 3 May by India’s Ambassador to the United States Taranjit Singh Sandhu in the presence of Eric Garcetti, the US Ambassador-designate to India. revealed that Indian companies spent about $185 million as Corporate Social Responsibility in the United States and their funding for US-based research and development (R&D) projects is about $1 billion.
“Indian companies in the US bring strength, resilience and competitiveness to the US, they create jobs, support local communities, and build capacity and know-how. They create virtuous circles of prosperity,” said Mr. Sandhu Said in his address in the presence of representatives of a large number of Indian companies, who are currently in the city to participate in the Select USA Summit.It is one of the largest ever Indian delegations at Select USA.
“In my travels across America, I have been amazed to see what Indian companies have done to transform neighborhoods in America, they not only create virtuous cycles of jobs, investment and growth in America; But go ahead—they support local communities and partner with schools and universities. India has always believed that success has to be shared, and sharing is success,” Mr Sandhu said.
The survey said that 163 Indian companies have invested more than $40 billion in the US, creating around 4,25,000 jobs in the country.
According to CII Director General Chandrajit Banerjee, Indian companies have demonstrated their resilience and commitment to the US market with increasing investment and job creation, as well as increasing sector diversification and expanding geographic presence across the Americas.
“His plans for future investments and more hiring signal a positive growth trajectory for the US-India economic relationship,” he said.
The top ten states benefiting 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 ten states with the highest reported FDI from Indian companies are Texas ($9.8 billion), Georgia ($7.5 billion), New Jersey ($4.2 billion), New York ($2.1 billion), Massachusetts ($1.4 billion), Kentucky ($908 billion), million dollars). , California ($776 million), Maryland ($720 million), Florida ($711 million) and Indiana ($582 million).
According to the report, 85% of companies plan to invest more in the United States over the next few years and 83% plan to hire more employees in the US over the next five years.
At the reception at India House, North Carolina Governor Ray Cooper, Guam Governor Lourdes A. Leon Guerrero, Arnold Palacios, Governor of the Commonwealth of the Northern Mariana Islands, Arun Venkataraman, Assistant Secretary of Commerce, and Jasjit, Executive Director of Select USA. Singh, along with 250 participants from the business community and 25 US state representatives.