As many as 155 Indian companies have invested $22 billion in the US, thus creating nearly 125,000 jobs in the country
Bengaluru: In a news report that makes us happy, as many as 155 Indian companies have invested $22 billion in the US, thus creating nearly 125,000 jobs in the country, according to a report issued by the Confederation of Indian Industries (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.
"Indian-Americans have made so many important cultural, economic and scientific contributions to our country and Texas values 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 that 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.
"Together, 155 Indian companies employ nearly 125,000 people across 50 states, the District of Columbia and Puerto Rico. The total value of tangible investments made by these 155 companies exceeds $ 22 billion," the CII said.
According to the report, 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), New Jersey ($2.4 billion), New York ($1.8 billion), Florida ($915 million), and Massachusetts ($873 million).
Indian investments in 20 US states stand at over $ 100 million each, CII report said, adding that 77 per cent of the companies plan to make more investments in the US.
As many as 83 per cent of the companies plan to hire more employees locally in the next five years.
Now, as the world, and both India and America grapples with the coronavirus, "we need to take this moment to rededicate to building good jobs for Americans, for Indians," said Senator Mark Warner, C-Chair of the Senate India Caucus.
"The Indian American community has made significant contributions to American society - whether it be through the arts, military, business, or medicine," said Congressman Ami Bera, Chair of the House Foreign Affairs Subcommittee on Asia and the Pacific, and the longest serving Indian American in the Congress.
The surveyed companies also provided data regarding their corporate social responsibility (CSR) and research and development expenditures, which totalled $ 175 million and $ 900 million, respectively.
"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," India's Ambassador to the US, Taranjit Singh Sandhu said.
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Last Updated 16, Jun 2020, 1:28 PM