Indian firms invest $15 bn in US, employ over 90,000

Washington, July 15 (IANS) India-based companies have invested over $15 billion across the US, creating an estimated 91,000 jobs, according to a new report released by the Confederation of Indian Industry (CII) and Grant Thornton (GT).

New Jersey, California, Texas, Illinois and New York are home to the most Americans directly employed by Indian companies, according to the report, “Indian Roots, American Soil” released here Tuesday at an event on the Capitol Hill.

Texas, Pennsylvania, Minnesota, New York, and New Jersey have the highest foreign direct investment (FDI) from Indian companies, says the report which for the first time provides a state-by-state breakdown of tangible investments made by Indian firms.

The event highlighting the contributions of Indian companies to the US economy was attended by several members of the US Congress and a delegation of CII member-company CEOs from India.

“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,” said Indian Ambassador Arun. K. Singh.

“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,” he said.

“As India surges forward to become the fourth fastest growing source of FDI into the US, it is critical that we recognize the positive impact of Indian business investments in the country,” said Senator Mark Warner, Democratic co-chair of Senate India Caucus.

“I believe that growing the economic partnership between India and the US will benefit both economies,” said Ami Bera, the only Indian American currently serving in Congress and co-chair of the Congressional Caucus on India and Indian Americans.

“The Indian American community and Indian American business owners have been a critical part of the economic and social fabric of the nation,” he 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 percent of the companies plan to make more investments in the US.

* 90 percent of the companies plan to hire more employees locally in the next five years.

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