India, US are economic powerhouses helping each other grow: Arun K Singh

A new report this week showed that 100 India-based firms have made an aggregate $15.3 billion investment in their US operations

With a latest report showing that Indian firms are creating thousands of jobs in America and investing billions, India's Ambassador to the US has said the two countries are "economic powerhouses" that are helping each other grow in a dynamic global market place.

In an op-ed in The Hill magazine, the Indian Ambassador to the US Arun K Singh said, "We have a stake in each other's economic future -- and that future is very bright."

He said the two countries are "economic powerhouses that are helping each other grow" in a dynamic global market place.

A new report from the Confederation of Indian Industry and the accounting firm Grant Thornton this week showed that 100 India-based firms have made an aggregate $15.3 billion investment in their US operations.

That, in turn, created 91,000 jobs in the US, which by any measure is a substantial contribution to the American economy. Those jobs are scattered throughout the country.

In fact, the survey found that Indian companies have a presence in all 50 US states.

"A remarkable story that has often escaped public attention in the overall context of the vibrant India-US relationship is that Indian companies have been pouring investment dollars into businesses in the US and creating tens of thousands of American jobs," Singh said.

According to the Ambassador, these substantial investments are a testament to the trust and openness that India and the US enjoy both at the people-to-people and government-to-government levels.

As per 'Select USA', India is now the fourth-fastest growing source of foreign direct investment into America.

The significant and growing contributions of Indian investments in the US remain a vital component of the bilateral relationship, he noted.

American firms, of course, have long been major investors in India. Foreign direct investment by US firms in India has been more than $1 billion a year, he said, adding that efforts by Prime Minister Narendra Modi to make economic growth a hallmark of his administration have accelerated US investment there.

"India has been lowering barriers to investment and encouraging business expansion. For example, the Indian government has over the past year raised limits on foreign investment in sectors such as insurance, medical devices, railways and defence," Singh wrote.

"This will no doubt provide myriad opportunities for US companies to increase their presence in India and will strengthen Indian companies so that they can enlarge their footprint in the US," the Ambassador said.