WASHINGTON – A total of one hundred major Indian companies created more than 91,000 jobs in the U.S. by investing $15 billion in a wide range of sectors across 35 American States, according to a latest report.
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” by the Confederation of Indian Industry (CII) and Grant Thornton (GT).
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 U.S., 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.
A cornerstone of relations between India and US is the thriving commercial exchange between the countries, Warner said.
According to the report, 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).
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 U.S. 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,” Singh said.
Though Indian companies have made tangible investments in 35 U.S. States, they are have physical presence in all the 50 U.S. States, the report said, adding that the average amount of investment received from Indian companies per state was $443 million.
“The friendship between the United States and India has grown stronger over the past year. And both our nations are better for it,” said Congressman George Holding, Co-Chair of the Congressional Caucus on India and Indian Americans.
According to the report 84.5 per cent of the companies plan to make more investments in the United States.
Ninety per cent of the companies plan to hire more employees locally in the next five years.
The U.S.-India relationship is in many ways best exemplified through these Indian companies in America that have Indian roots, but are completely enmeshed into U.S.soil, said Sumit Mazumder, CII president.
