'Indian Roots, American Soil' 2023 Report Launch by the Confederation of Indian Industry (CII)
Indian Companies Account for $40 Billion in Investments and 425,000 Jobs in U.S.
India leads largest-ever business delegation to SelectUSA
WASHINGTON, D.C.
May 3, 2023
The seventh edition of the Confederation of Indian Industry (CII)’s survey report, Indian Roots, American Soil was released today, at the India-US Business Reception, hosted by H.E. Taranjit Singh Sandhu, Ambassador of India, highlighting Indian Industry’s positive impact on communities throughout the US.
The reception was attended by US Ambassador-designate Eric Garcetti, Governor Roy Cooper of North Carolina, Governor Lourdes Guerrero of Guam, Governor Arnold Palacios of the Commonwealth of Northern Mariana Islands, Assistant Secretary of Commerce Arun Venkataraman and Executive Director of SelectUSA Jasjit Singh, with over 250 participants from the business community and 25 US state representatives and comes on the occasion of the SelectUSA Investment Summit 2023, where the largest-ever business delegation is led from India.
According to the CII report, over 160 Indian companies are present throughout all 50 US states and have collectively generated over $40 billion in tangible investments in the US. Together, they have created or saved over 425,000 jobs in the US. Their financing of US-based Research and Development (R&D) projects with nearly $1 billion invested, as well as corporate social responsibility (CSR) efforts with nearly $195 million invested, is also on the rise.
The report also captured a state-by-state breakdown of tangible investments made and jobs created by over 160 Indian companies doing business in the United States. Texas, New York, New Jersey, Washington, Florida & California are currently the biggest beneficiaries of the most employment (direct jobs) created by Indian companies. Texas, Georgia, New Jersey, New York and Massachusetts have the highest foreign direct investment (FDI) from Indian companies. New Jersey, Texas, New York & California , Georgia & Illinois, and Michigan are home to the highest number of Indian companies present in the states.
Prospects for the future look bright with 83% of Indian companies reporting that they expect to invest more and 85% expect to hire more in the US in the next five years. Indian companies have not only supported US communities throughout the worst of the pandemic downturn- they have also continued to expand and ensure the competitiveness of US companies and local ecosystems during the recovery period that has followed. CII has published the survey-based report regularly to document the growing role of Indian FDI’s in strengthening the bilateral India – US economic partnership.
Key takeaways from the report:
* Together, Indian companies employ more than 425,000 people across 40 states where they have tangible investments, plus the District of Columbia and Puerto Rico.
* The total value of tangible investments made by these 163 companies exceeds $40 billion.
* Their sectors of operation include Life Sciences, Pharmaceuticals and Healthcare; Information Technology and Telecommunications; Manufacturing; Services (including
Financial, Legal, Logistics, Design); Automotive; Food and Agriculture; Tourism and Hospitality; Energy and others.
* The top ten states benefitting from jobs created by Indian companies are Texas (20,906 jobs), New York (19,162 jobs), New Jersey (17,713 jobs), Washington (14,525
jobs), Florida (14,418 jobs), California (14,334 jobs), Georgia (13,945 jobs), Ohio (12,188 jobs), Montana (9,603 jobs), Illinois (8,454 jobs).
*The top ten states with the most reported FDI from Indian companies were Texas ($9.8 billion), Georgia ($7.5 billion), New Jersey ($4.2 billion), New York ($2.1 billion),
Massachusetts ($1.4 billion), Kentucky ($908 million), California ($776 million), Maryland ($720 million), Florida ($711 million) and Indiana (582 million).
* 85% of the companies plan to make more investments in the United States in the next few years
* 83% of the companies plan to hire more employees in the US in the next five years.
QUOTES:
Shri Taranjit Singh Sandhu, Ambassador of India to the United States: "In my travels across the US, I have been amazed to see what Indian companies have done to transform neighborhoods in the US. They not only create virtuous cycles of employment, investment and growth in the US; but go beyond- they support local communities and partner with schools and universities. India has always believed that success is to be shared; and sharing is success! "
Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII): “CII’s flagship report, Indian Roots, American Soil is part of our ongoing effort to highlight the positive stories of Indian companies' contributions to the US economy and society. Indian companies have demonstrated their resilience and commitment to the US market, with increasing investments and job creation, as well as growing sector diversification and expanding geographic presence across the US. Their future plans to invest and hire more, further indicate a positive growth trajectory for the US-India economic relationship."