New Delhi: A total of 155 companies with origins in India are responsible for generating over $22 billion in investments and nearly 1.25 lakh jobs in the US, according to a report by the Confederation of Indian Industry (CII).Also Read - CII Calls For Foreign Trade Policy, Export Finance Expansion
The report titled ‘Indian Roots, American Soil 2020’ showed that the states with the top concentrations of Indian companies reporting were New Jersey, Texas, California, New York, Illinois and Georgia. Also Read - Need More Ease of Doing Business For Self-reliant India: CII
The corporate social responsibility (CSR) and research and development expenditure of the companies stood at $175 million and $900 million, respectively. Also Read - PM Modi’s COVID-19 Package Will Place India Back on Path of Economic Recovery, Says CII
Texas, California, New Jersey, New York, and Florida are home to the greatest 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) were in Texas, New Jersey, New York, Florida, and Massachusetts.
Indian investments in 20 US states stand at over $100 million each, showed the survey.
Around 77 per cent of the companies plan to make more investments in the world’s largest economy and 83 per cent of the companies plan to hire more employees locally in the next five years.
The CII survey respondents are from sectors including pharmaceuticals, telecommunications, aerospace and defense, financial services, manufacturing, tourism and hospitality.
Chandrajit Banerjee, Director General, CII, said: “The survey results show that the US is a preferred investment destination for Indian companies which are contributingsignificantly to supporting local jobs. The results in the survey capture a snapshot in time, documenting tangible investments and direct jobs only, so Ibelieve that the actual economic impact of Indian FDI in the US is much larger.”
He further said that it is critical that the US government continues to provide a supportive policy environment for Indian companies to flourish and enhance their operations in the US, especially to aid economic recovery at this time.