As many as 162 Indian companies have been investing in the United States about USD 40 billion, which has led to the creation of about 425,000 jobs in the country. This information comes from a survey titled ‘Indian Roots, American Soil’ of the CII (Confederation of Indian Industry).
This was launched by Taranjit Singh Sandhu, Indian ambassador to the United States, in the presence of Eric Garcetti, the United Statesambassador-designate to India, and also revealed that variousUnited states Indian companies had spent about USD 185 million as their social responsibility to corporate in the United States and their financing for US-based Research and Development (R&D) projects has reached up to USD 1 billion.
Sandhu addressed in the presence of many representatives from the Indian companies currently in the city to attend the select USA Summit that these Indian companies are bringing competitiveness, resilience, and strength to the US. Their support helps support the local communities, create jobs, technical know-how, and build capacity. Through this support, they are creating various United States cycles of prosperity.
This has also been one of the largest India delegations ever happening at Select USA. He also stated that in his travels across the United States has been amazed to see the potential of the Indian companies and how their efforts have transformed several neighbourhoods in the US.
He added that they do not create virtues United States cycles of investments, employment, and growth in the United States. Still, they go beyond that, and they also show their United States support to all of the local communities and partner up with universities and schools. According to him, the country of India has always believed that success should be shared, and sharing is also a kind of success on its own.
According to the survey that the investment of about USD 40 billion by 163 Indian companies in the United States has led to the creation of about 425,000 jobs in the country. According to CII Director General Chandrajit Banerjee, the companies of India have depicted their commitment and resilience in the US market with the increase in job creation and investment as well as a growing diversification sector while expanding the geographic presence all over the US.
Additionally, he said that the plans for investment and increased hiring directly point to a promising future for the US-Indian economic relations. About ten states of the United States are benefiting from all of the Jobs created by the investment of Indian companies.
These befitting states include New York (19,162 jobs), Washington (14,525 jobs), California (14,334 jobs), Ohio (12,188 jobs), Illinois (8,454 jobs), Montana (9,603 jobs), Georgia (13,945 jobs), Florida (14,418 jobs), New Jersey (14,418 jobs) and Texas (20,906 jobs).
Also, the top ten states that reported the most FDI from Indian companies were Georgia (USD 7.5 billion), New York (USD 2.1 billion), Kentucky (USD 908 million), Maryland (USD 720 million), Indiana (582 million), Florida (USD 711 million), California (USD 776 million), Massachusetts (USD 1.4 billion), New Jersey (USD 4.2 billion) and Texas ( USD 9.8 billion).