A total of one hundred major Indian companies have created more than 91,000 jobs in the US by investing USD 15 billion in a wide range of sectors across 35 American states, according to the latest 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 southern State of Texas received the maximum (USD 3.84 billion) foreign investment from Indian companies followed by Pennsylvania (USD 3.56 billion), Minnesota (USD 1.8 billion), New York (USD 1.01 billion) and New Jersey (USD 1 billion), said the report titled “Indian Roots, American Soil” by the Confederation of Indian Industry (CII) and Grant Thornton (GT).
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 US 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.
– Ambassador Arun K Singh.
Though Indian companies have made tangible investments in 35 US States, they are have physical presence in all the 50 US States, the report said, adding that the average amount of investment received from Indian companies per state was USD 443 million.
Distribution of Investment
A sizeable investment (40 per cent) is in the IT and related sector, but the emergence of a significant number of companies in the life sciences (14 per cent), manufacturing (14 per cent) and automotive (four per cent) sectors is a remarkable development as a major contributor to job creation.
Major investments in energy, including conventional sources such as oil and gas, as well as renewables, have also contributed to the increasing diversity of Indian companies’ operations in the US.
Indian companies have also made investment in the tourism and hospitality, food and agriculture, as well as in the media and entertainment sectors.
India is now the fourth fastest growing source of investments into America.
— Chandrajit Banerjee, CII Director General
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