Washington DC: As many as 163 Indian companies have collectively generated over $40 billion of tangible investments in the United States, according to a survey report released by the Confederation of Indian Industry (CII).
Besides, these firms together have created about 425,000 jobs in the US.
The seventh edition of the CII’s survey report, Indian Roots, American Soil, was released on Wednesday (local time), at the India-US Business Reception, hosted by Taranjit Singh Sandhu, Ambassador of India.
Indian company’s financing of US-based Research and Development (R&D) projects with nearly $1 billion invested and corporate social responsibility (CSR) efforts with nearly $195 million invested is also on the rise, according to the report.
The report, “Indian Roots, American Soil 2020,” is a state-by-state breakdown of tangible investments made and jobs created by 163 surveyed Indian companies doing business in all 50 states.
The report was officially launched by Indian Ambassador Taranjit Singh Sandhu, newly sworn-in US Ambassador to India, Eric Garcetti, Arun Venkataraman, the Assistant Secretary of Commerce for Global Markets and Suchita Sonalika of CII.
“In my travels across the US, I have been amazed to see what our companies have done to transform neighbourhoods, and to partner with schools and universities like HCL, Infosys, TCS, Wipro, Mahindra etc,” Ambassador Sandhu said during the launch.
The seventh edition of CII’s flagship report demonstrated that Indian Industry is not only committed to the prosperity of the US economy and its people, but by continuing to grow FDI and job creation, Indian companies are strengthening the resiliency of US markets and ensuring the promise of the India – US relationship as the defining partnership of the 21st century.
Also present at the event was also a delegation of Indian government officials, business leaders and investors who are in Washington for the SelectUSA Investment Summit, the largest event in the US for the promotion of foreign direct investment. The Indian delegation is the largest delegation attending the summit.
“The large delegation here reflects that natural partnership on trade investment. But let’s not sell this short. The US-India relationship is far deeper than that,” Arun Venkataraman said.
VenkatRamam emphasised the importance of the US-India economic relationship, stating that it is critical to the future of both nations and highlighted the fact that the two countries have never before worked so closely on such a range of issues.
“India is of course, a natural trade and investment partner for the United States. Secretary Rimando made that clear in her highly successful visit to India in March. Many of you may have seen her dancing and celebration. She still recounts that visit,” the top commerce department official added.
Of the companies surveyed by CII, 29 per cent were Life Sciences, and Pharmaceuticals firms, 21% were Information Technology and Telecommunications, 18% were Manufacturing companies, 10 per cent were Services – Financial, Legal, Logistics, and Design and 5 per cent were from the automotive sector.
The top five states in terms of investments by these firms include Texas, Georgia, New Jersey, New York and Massachusetts, according to the report.
The footprint created by Indian companies in the US plays a critical role in the development and growth of the India – US bilateral partnership and this report will provide an exclusive resource to both the private sector and policymakers interested in cultivating deeper ties.