Indian companies create 113K jobs in US: Report
Indian companies have created more than 113,000 jobs in the US and invested nearly USD 18 billion in the country, according to an annual report which gives state-by-state breakdown of the tangible investments made and jobs created by 100 Indian firms doing business in America and Puerto Rico.
The report titled 'Indian Roots, American Soil', which was released by Confederation of Indian Industry (CII) yesterday, states that Indian companies have also contributed USD 147 million towards corporate social responsibility and USD 588 million as research and development expenditures in the US.
Together, 100 Indian companies employ 113,423 people across 50 states, the District of Columbia and Puerto Rico, the report said, adding that the total value of tangible investments made by these companies exceeds USD 17.9 billion.
The top five states in which Indian companies have generated maximum employment are New Jersey (8,572 jobs), Texas (7,271 jobs), California (6,749 jobs), New York (5,135 jobs) and Georgia (4,554 jobs).
According to the report, the top five states in which Indian companies have contributed the highest foreign direct investment are New York (USD 1.57 billion), New Jersey (USD 1.56 billion), Massachusetts (USD 931 million), California (USD 542 million) and Wyoming (USD 435 million).
The average amount of investment received from Indian companies per state/territory is USD 187 million, the report said, noting that 85 per cent of the companies plan to make more investments in the US.
As many as 87 per cent of the companies plan to hire more employees locally in the next five years.
Indian industry and professionals are making significant contributions to the US economy, said Indian Ambassador to the US Navtej Sarna.
"The presence and reach of Indian companies continue to grow each year as they invest billions of dollars and create jobs across the United States," he said.
Chandrajit Banerjee, CII director general said the story of Indian investment in the US is one that showcases how intertwined the two countries are that contribute to each other's success.
Indian firms are among the fastest growing investors in the US, contributing to growth and job creation in the US economy, said Senator Chris Van Hollen.
As the world's oldest democracy and the world's largest democracy, a strong US-India partnership is vital for the 21st century, said Congressman Ami Bera.
The friendship between the United States and India has continued to grow under President Trump's administration, said Congressman Pete Sessions.
Indian businesses have brought hundreds of millions of dollars and thousands of jobs to Texas and, at the same time, the reforms led by Prime Minister Modi have opened doors for American companies to expand their operations in India, he said.
"I am glad to see, as CII's event today proves, bonds between our nations both commercial and strategic - continue to grow stronger," Sessions said.
"According to CII's survey, Indian companies in Virginia have invested over USD 37 million in my state, and I can only hope that they will continue to invest in Virginia and that our engagement with these companies will continue to grow," said Congressman David Brat.
In addition to spurring economic activity, particularly in North Carolina, this type of investment serves to strengthen the bond between our two countries, said Congressman George Holding.
The report shows that Indian companies have invested over USD 195 million in the state of Illinois, and created over 3,800 jobs, said Congressman Raja Krishnamoorthi.
"I hope that Indian companies continue to put down roots and invest in our state, as our economy and community are strengthened by their engagement with us," he said.
"As the largest India-headquartered multinational in North America, the Tata Group has had operations and investments in the US market for many decades," said James Shapiro, resident director North America of Tata Sons Ltd.
Ravi Kumar, president and Deputy COO, Infosys said his company began working with its first US client over 35 years ago and, have worked to boost American innovation ever since.
"Earlier this year, we announced plans to hire 10,000 American workers over the next two years, partnering with local colleges and universities to shrink the IT skills gap in the US, and are focused on upskilling and reskilling workers seeking to grow their careers in computer science," he said.
The work of Infosys Foundation USA has benefited over 4,700,000 students, 13,000 teachers and 21,000 schools across all 50 states in America since 2015, he asserted.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.