According to a report, 163 Indian companies invested USD 40 billion in the US so far, which has led to the creation of close to 425,000 jobs in the nation. Indian companies spent nearly USD 185 million on corporate social responsibility in the US, and they funded nearly USD 1 billion in US-based research and development (R&D) projects, according to the Confederation of Indian Industry (CII) survey “Indian Roots, American Soil,” which was released on Wednesday by Taranjit Singh Sandhu, India’s Ambassador to the United States, in the presence of Eric Garcetti, the US Ambassador-designate to India.
“Indian businesses in the US help the country be strong, resilient, and competitive. They develop capability and technological know-how while supporting the neighborhood communities and creating jobs. The Select USA Summit is being attended by several representatives of Indian businesses, and Sandhu remarked in his speech that they “create virtuous cycles of prosperity”.
The delegation from India at Select USA is one of the biggest ever.
“As I’ve traveled over the US, I’ve been astounded by the work Indian businesses have done to change American neighborhoods.” They go above and beyond to help local communities, work with schools and institutions, and create positive cycles of employment, investment, and growth in the US. India has long held that success should be shared and that doing so is itself a success, according to Sandhu.
According to the poll, 163 Indian companies have made over USD 40 billion in investments in the United States, which has helped generate close to 425,000 jobs nationwide.
Chandrajit Banerjee, director general of the CII, claims that Indian businesses have shown their tenacity and dedication to the US market by raising investments, creating jobs, diversifying their industries, and establishing their geographic presence throughout the country.
According to him, the US-India economic relationship is on a “positive growth trajectory” as a result of their future plans to invest and recruit more people.
The top ten states where Indian businesses have created jobs are Texas (20,906), New York (19,162), New Jersey (17,713), Washington (14,525), Florida (14,418 jobs), California (14,334), Georgia (13,945 jobs), Ohio (12,188 jobs), Montana (9,603 jobs), and Illinois (8,454 jobs).
The survey states that 85% of the corporations intend to increase their investments in the US over the next several years, and 83% of the companies intend to increase their staff counts in the US over the next five years.
Governors Ray Cooper of North Carolina, Lourdes A. Leon Guerrero of Guam, Arnold Palacios of the Commonwealth of the Northern Mariana Islands, Assistant Secretary of Commerce Arun Venkataraman, Executive Director of SelectUSA Jasjit Singh, 250 members of the business community, and 25 representatives from US states all attended the reception at India House.
