Economy

155 Indian companies in the US generate $22 billion investments, create 1,25,000 jobs: CII

Our Bureau New Delhi | Updated on June 16, 2020 Published on June 16, 2020

A report by the industry body states that 77 per cent of the surveyed companies want to invest more

A total of 155 Indian-origin companies have generated over $22 billion in investments across the US and created around 1,25,000 jobs in the country, according to a survey report released by an Indian industry body.

The report, “Indian Roots, American Soil 2020,” brought out by the Confederation of Indian Industry, is a state-by-state breakdown of tangible investments made and jobs created by 155 surveyed Indian companies doing business in all 50 states, as well as Washington, DC, and Puerto Rico, according to a statement released by CII on Tuesday.

“This report tells the continuing story of successful and innovative Indian companies attracted to the United States as one of the best places to do business, and the US locations eager to welcome those companies. The International Trade Administration’s SelectUSA team is always available to support Indian firms as they explore investment opportunities throughout our Nation,” said Diane Farrell, Acting Deputy Under Secretary for International Administration, US Department of Commerce

The top five states with the highest concentrations of Indian companies reporting were New Jersey, Texas, California, New York, Illinois and Georgia. Texas, California, New Jersey, New York, and Florida are home to the most significant number of workers in the US directly employed by the reporting Indian companies. The surveyed companies disclosed the highest amounts of foreign direct investment (FDI) in Texas, New Jersey, New York, Florida, and Massachusetts.

The respondents in the survey represent diverse sectors including pharmaceuticals and life sciences, telecommunications, aerospace and defence, financial services, manufacturing, tourism and hospitality, design and engineering, automotive, food and agriculture, energy and mining and materials.

The survey added that about 77 per cent of the companies plan to make more investments in the US, while 83 per cent of the companies plan to hire more employees locally in the next five years.

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Published on June 16, 2020
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