155 Indian Companies Account for over $22 Billion in Investments, Nearly 125,000 Jobs in U.S.: CII Study

272

New Delhi: One hundred and fifty-five companies with origins in India are responsible for generating over $22 billion in investments and nearly 125,000 jobs across the United States, according to a new survey report released today by the Confederation of Indian Industry (CII).

The report, “Indian Roots, American Soil 2020,” is a state-by-state breakdown of tangible investments made and jobs created by 155 surveyed Indian companies doing business in all 50 states, as well as Washington, D.C., and Puerto Rico. Texas, California, New Jersey, New York, and Florida are home to the greatest number of workers in the U.S. directly employed by the reporting Indian companies. The surveyed companies disclosed the highest amounts of foreign direct investment (FDI) in Texas, New Jersey, New York, Florida, and Massachusetts. The states with the top concentrations of Indian companies reporting were New Jersey, Texas, California, New York, Illinois and Georgia.

The surveyed companies also provided data regarding their corporate social responsibility (CSR) and research and development expenditures, which totaled $175 million and $900 million, respectively.
Key findings in the report (attributed to the 155 survey-respondents):

Together, 155 Indian companies employ nearly 125,000 people across 50 states, the District of Columbia and Puerto Rico.

The total value of tangible investments made by these 155 companies exceeds $22 billion.

The top five states in which Indian companies have generated maximum employment are: Texas (17,578 jobs), California (8,271 jobs), New Jersey (8,057 jobs), New York (6,175 jobs) and Florida (5,454 jobs).

The top five states in which Indian companies have contributed the highest foreign direct investment are: Texas ($9.5 billion), New Jersey ($2.4 billion), New York ($1.8 billion), Florida ($915 million), and Massachusetts ($873 million).

Indian investments in 20 U.S. states stand at over $100 million each.

77% of the companies plan to make more investments in the United States.

83% of the companies plan to hire more employees locally in the next five years.

The CII survey respondents represent diverse sectors including pharmaceuticals and life sciences, telecommunications, aerospace and defense, financial services, manufacturing, tourism and hospitality, design and engineering, automotive, food and agriculture, energy and mining and materials.

The CII report was launched via a webinar by Chandrajit Banerjee, Director General, CII and Taranjit Sandhu, Ambassador of India to the United States, along with support from senior US Government officials, including Diane Farrell, Acting Deputy Under Secretary for International Administration, US Department of Commerce and Peter Haas, Principal Deputy Assistant Secretary, US Department of State. Several members of Congress also joined the report launch over video, including Senators John Cornyn (R-TX) and Mark Warner (D-VA), co-chairs of the Senate India Caucus, as well as Representatives Brad Sherman (CA-30), co-chair of the House Caucus on India and Indian Americans, and Ami Bera (CA-07) who joined live.

A business panel moderated by Atul Deshmukh, Global Head of Assurance, KNAV, followed the report launch, in which business leaders – Inderpreet Sawhney, Group General Counsel and Chief Compliance Officer, Infosys Ltd, Dr Sofia Mumtaz, President, Lupin North America, and Laksh Vaaman Sehgal, Vice Chairman, Motherson Group highlighted the contributions of Indian companies to the U.S. economy in the form of FDI, jobs created and saved, research and development, skills training and local corporate social responsibility initiatives – including Indian companies’ support to the US in its fight against COVID-19.

comments