Indian Firms Responsible For Creating 113,000 Jobs in U.S.: Report
Indian companies have invested nearly $18 billion in the United States, according to a report by Confederation of Indian Industry.
Indian companies have created over 113,000 jobs in the United States, and invested nearly $18 billion in the country, according to a recent report. Indian firms contributed $147 million towards corporate social responsibility and $588 million towards research and development expenditures, the report released by the Confederation of Indian Industry (CII) on Nov. 14, shows.
The report, titled “Indian Roots, American Soil” gives a state-by-state breakdown of investments made and jobs created by 100 Indian firms in America and Puerto Rico. In total, these 100 Indian firms employ 113,423 people across 50 states, the District of Columbia and Puerto Rico. The total value of tangible investments made by these companies has been over $17.9 billion.
The top five states where 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). The top five states where Indian firms contributed the highest foreign direct investment are New York ($1.57 billion), New Jersey ($1.56 billion), Massachusetts ($931 million), California ($542 million) and Wyoming ($435 million).
The average amount of investment received from Indian companies per state/territory is $187 million. While 85 per cent of the companies plan to make more investments in the U.S., 87 per cent of them plan to employ more locals in the next five years.
“Indian industry and professionals are making significant contributions to the U.S economy,” Navtej Sarna, the Indian Ambassador to the U.S., said, according to a statement released by CII. “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.”
The Director General of CII, Chandrajit Banerjee, said that the story of Indian investment in the U.S. is one that showcases how intertwined the two countries are and that they contribute to each other’s success.
Many U.S. politicians welcomed the report. “I hope that Indian companies continue to put down roots and invest in our state (Illinois), as our economy and community are strengthened by their engagement with us,” Congressman Raja Krishnamoorthi said.
“As the largest India-headquartered multinational in North America, the Tata Group has had operations and investments in the U.S market for many decades,” James Shapiro, Resident Director North America of Tata Sons Ltd., said.
According to Ravi Kumar, the President and Deputy COO of Infosys, the firm worked with its first U.S. client over 35 years ago and has aimed to boost American innovation ever since. The work done by Infosys Foundation USA has helped over 4,700,000 students, 13,000 teachers and 21,000 schools across all 50 states in America since 2015, he added.