100 Indian companies invested $17.9 bn in US, generated 113,423 jobs: CII
15 Nov 2017
Nearly 100 companies with origins in India are responsible for creating more than 100,000 jobs and $17.9 billion in investments across the United States, according to a new survey report released by the Confederation of Indian Industry (CII).
The report, Indian Roots, American Soil, is a state-by-state breakdown of tangible investments made and jobs created by 100 surveyed Indian companies doing business in all 50 states, as well as Washington, DC, and Puerto Rico.
New Jersey, Texas, California, New cYork and Georgia account for most of the workers in America directly employed by Indian companies while New York, New Jersey, Massachusetts, California, and Wyoming have the highest foreign direct investment (FDI) from Indian companies.
The surveyed companies also provided data regarding their corporate social responsibility (CSR) and research and development expenditures, which totaled $147 million and $588 million, respectively.
''Indian industry and professionals are making significant contributions to the US economy – I am delighted that this fact is being recognised today at the CII event on Capitol Hill,'' said Navtej Sarna, India's ambassador to the US. ''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.''
''The CII study 'Indian Roots, American Soil' highlights Indian industry's ascension as a significant stakeholder in the U.S. economy – this is a critical component of our strong and vibrant bilateral relationship with the U.S, which continues to flourish in strategic terms as well,'' he added.
Key findings:
- Together, 100 Indian companies employ 113,423 people across 50 states, the District of Columbia and Puerto Rico;
- The total value of tangible investments made by these 100 companies exceeds $17.9 billion;
- The top five states in which Indian companies have generated maximum employment are: New Jersey (8,572), Texas (7,271), California (6,749), New York (5,135) and Georgia (4,554);
- The top five states in which Indian companies have contributed the highest foreign direct investment are: New York ($1.57 billion), New Jersey ($1.56 billion), Massachusetts ($931 million), California ($542 million) and Wyoming ($435 million);
- The average amount of investment received from Indian companies per state/territory is $187 million;
- 85 per cent of the companies plan to make more investments in the United States; and
- 87 per cent of the companies plan to hire more employees locally in the next five years.
The CII survey respondents represent diverse sectors, including pharmaceuticals and life sciences, telecommunications, aerospace and defence, financial services, healthcare, materials and manufacturing, tourism and hospitality, engineering and construction, automotive, food and agriculture, energy and information technology.
CII released the study on Capitol Hill today 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. Ambassador Sarna spoke in support of the contributions. In addition, several members of the US Congress and a delegation of CII member-companies with investments and operations in the US participated in the event.
''CII is proud of its flagship biannual initiative, Indian Roots, American Soil – through this survey report and the event on Capitol Hill, we are able to highlight the best of Indian industry in the United States – their positive contributions to the US economy and society through investments, job creation, CSR and skill-building initiatives, which have immediate and visibly positive multiplier effects on the local communities where our companies have invested and put down roots.
The story of Indian investment in the U.S. 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 U.S.-India 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,'' Chandrajit Banerjee, Director General, CII, said.
''Indian firms are among the fastest growing investors in the United States, contributing to growth and job creation in our economy. As the partnership between the United States and India deepens, so too do our economic ties, and the Confederation of Indian Industry will play an important role in these efforts,'' Senator Chris Van Hollen, Maryland, said
"As the world's oldest democracy and the world's largest democracy, a strong U.S.-India partnership is vital for the 21st century. As the longest serving Indian-American in Congress, I have been proud to help build U.S.-India cooperation. I hope we continue to see the United States engaging with Indian businesses, and today's event with the Confederation of Indian Industry is a great way to keep that momentum going,'' added Congressman Ami Bera, California – 7th district, and former Co-Chair of the Congressional Caucus on Indian and Indian Americans.
