New York (TIP) July 15: A total of one hundred India-based companies have invested over $15 billion across the US and have created more than 91,000 jobs in a wide range of sectors across 35 American States, according to a latest report released by the Confederation of Indian Industry (CII) and Grant Thornton (GT).
The southern State of Texas received the maximum ($3.84 billion) foreign investment from Indian companies followed by Pennsylvania ($ 3.56 billion), Minnesota ($1.8 billion), New York ($1.01 billion) and New Jersey ($1 billion), said the report titled “Indian Roots, American Soil”.
More than 20 top lawmakers including Senators, John Cornyn and Mark Warner, attended the report released yesterday at the Capitol Hill.
“As India surges forward to become the fourth fastest growing source of FDI into the US, it is critical that we recognise the positive impact of Indian business investments in the country,” said Senator Warner, co-chair of the Senate India Caucus.
The top five states where the Indian companies have generated maximum employment are New Jersey (9300 jobs), California (8400), Texas (6,200), Illinois (4,800) and New York (4,100) and are home to the most Americans directly employed by Indian companies.
The CII study draws attention to the growing contribution and influence of the Indian industry, which forms an important component of our growing and vibrant relationship with the United States, said Indian Ambassador to the US Arun K Singh.
“Today Indian companies are not just investing and creating jobs, they have also become significant stakeholders in the growth and prosperity of their local communities,” Mr Singh said.
Highlights
* Together, 100 Indian companies employ more than 91,000 people across 35 states and the Washington DC, the American capital.
* The total value of tangible investments made by these 100 companies exceeds $15.3 billion.
* The top five states in which Indian companies have generated maximum employment are: New Jersey (9,278 jobs), California (8,937 jobs), Texas (6,230 jobs), Illinois (4,779 jobs) and New York (4,134 jobs).
* The top five states in which Indian companies have contributed the highest foreign direct investment are: Texas ($3.84 billion), Pennsylvania ($3.56 billion), Minnesota ($1.8 billion), New York ($1.01 billion) and New Jersey ($1 billion).
* The average amount of investment received from Indian companies per state is $443 million.
* 84.5% of the companies plan to make more investments in the US.
* 90% of the companies plan to hire more employees locally in the next five years.