New York, New Jersey, Massachusetts, California, and Wyoming have the highest direct investment (FDI) from companies with origin in India, according to the CII report.
The Confederation of Indian Industry (CII) released its latest report on Tuesday that gave out some interesting statistics on the role of Indian businesses in the US economy. According to its findings, about 100 Indian companies generate 113, 423 jobs in the US and have invested $17.9 billion in the country.
The report ‘Indian Roots, American Soil’ also gave a state-by-state data on the investments and job creation by these 100 companies that do business in 50 states across the US as well as Washington, DC, and Puerto Rico. Among these, New Jersey, Texas, California, New York and Georgia are the top five states that have the highest number of workers directly employed by Indian companies.
With regard to investment, New York, New Jersey, Massachusetts, California, and Wyoming have the highest direct investment (FDI) from companies with origin in India.
“Indian industry and professionals are making significant contributions to the U.S. economy – I am delighted that this fact is being recognized today at the CII event on Capitol Hill,” said Ambassador 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.”
Some key findings of the report are:
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 jobs), Texas (7,271 jobs), California (6,749 jobs), New York (5,135 jobs) and Georgia (4,554 jobs).
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% of the companies plan to make more investments in the United States.
87% of the companies plan to hire more employees locally in the next five years.
Highlighting the contribution of Indian businesses, Chandrajit Banerjee, Director General, CII, said the findings reflect the positive impact of the Indian businesses in the US economy.
“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 U.S. 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,” Banerjee said.
Senator Chris Van Hollen from Maryland said Indian companies have had appreciable growth in the country.
“Indian firms are among the fastest growing investors in the United States, contributing to growth and job creation in our economy,” Hollen said. “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.”