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Indian companies account for $17.9 bn investments in US: Survey

IANS  |  New Delhi 

One hundred companies with origins in are responsible for creating more than 100,000 jobs and $17.9 billion in across the United States, according to a survey report.

The findings were disclosed in the Confederation of Indian Industry's (CII) 'Indian Roots, American Soil' report -- a state-by-state breakdown of tangible made and jobs created by 100 surveyed Indian companies doing business in all 50 states, as well as Washington, D.C., and Puerto Rico.

The industry body said that its survey respondents represent diverse sectors including pharmaceuticals and life sciences, telecommunications, aerospace and defence, financial services, among others.

According to the report, New Jersey, Texas, California, New York and Georgia are "home to the most number of workers in America directly employed" by Indian companies.

On foreign direct investment (FDI) inflow basis, New York, New Jersey, Massachusetts, California and Wyoming received the maximum funds from Indian companies.

Further the report revealed that surveyed companies also provided data regarding their corporate social responsibility (CSR) and research and development expenditures, which totalled $147 million and $588 million, respectively.

CII released the study on Capitol Hill on Tuesday during an event that highlighted the contributions of Indian companies to the US economy in the form of FDI, jobs created and saved, research and development, skills training and local corporate social responsibility initiatives.

At the event, India's Ambassador to the US Navtej Sarna spoke in support of the contributions.

In addition to Sarna, several members of the US Congress and a delegation of CII member-companies with and operations in the US participated in the event.

"Indian industry and professionals are making significant contributions to the US economy -- I am delighted that this fact is being recognised...," said Ambassador Sarna.

"The presence and reach of Indian companies continues to grow each year as they invest billions of dollars and create jobs across the United States."

Ambassador Sarna continued: "The CII study 'Indian Roots, American Soil' highlights Indian industry's ascension as a significant stakeholder in the US economy -- this is a critical component of our strong and vibrant bilateral relationship with the US which continues to flourish in strategic terms as well."

CII's Director General Chandrajit Banerjee said: "The story of Indian investment in the US is one that showcases how intertwined we are as nations that contribute to each other's success."

"CII is extremely optimistic about the growth of the US-business and strategic partnership -- today's event and report launch in the heart of the US Capitol will hopefully help shine a light on an untold aspect of this story of collaboration."

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 15 2017. 16:36 IST
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