The seventh edition of the Confederation of Indian Industry (CII)’s survey report, Indian Roots, American Soil was released 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.
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.
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.