Indian Firms in the US Generated 40 Billion USD Investments Creating Employment Opportunities

By siliconindia   |   Wednesday, 10 May 2023, 14:03 IST
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Indian Firms in the US Generated 40 Billion USD Investments, Creating Employment Opportunities

Indian firms situated in the US have managed to generate nearly 40 billion USD in investments in the arena, in addition to creating plausible job opportunities.             

A survey by the Confederation of Indian Industry (CII) reports that nearly 163 Indian businesses in the US state have collectively generated about 40 billion USD of tangible investments, and created 425,000 jobs in the US region.

The seventh edition of the CII’s survey report, Indian Roots, American Soil, was released recently at the India-US Business Reception which was hosted by the Ambassador of India, Taranjit Singh Sandhu. The report also marks a critical rise in the Indian company’s financing of US-based research and development (R&D) projects of around one billion USD investments and corporate social responsibility (CSR) efforts with nearly 195 million USD investments.

Indian Roots, American Soil 2020 is critically a state-by-state breakdown of tangible investments made and jobs that are created by the surveyed Indian companies (163), running business in nearly 50 states.

The report was officially launched by the Indian Ambassador-Taranjit Singh Sandhu, Eric Garcetti, the newly sworn-in US Ambassador to India, the Assistant Secretary of Commerce for Global Markets, Arun Venkataraman, and Suchita Sonalika of CII. Where, Mr Sandhu remarks on his amusement over the role of companies in transforming neighborhoods, like HCL (HCLTECH: NSE), Infosys (INFY: NSE), TCS (TCS: NSE), Wipro (WIPRO: NSE), and Mahindra (M&M: NSE).

The Indian industry, in addition to its established commitment to the prosperity of the US economy and its individuals, is aiming to grow foreign direct investment (FDI) and employment creation on an efficient scale. As a result, Indian companies are critically strengthening the resiliency of US markets to ensure the US-India relationship is a definite diplomacy of the 21st century.

A delegation of Indian government officials, officials, and business leaders was also present at the event, who initially landed in Washington for the SelectUSA Summit, the largest event conducted in the US to promote FDI. The Indian delegation, undoubtedly, is the largest delegation to attend the summit, reflecting the natural partnership on trade investment.

Mr. Venkataram states that the US-India relationship is much more than that, and thus, emphasizes the significance that the US-India economic relationship holds to the future of both nations.

Of the 163 companies surveyed, 29 percent of the firms were based in life sciences and pharmaceutical space, while 21 percent were in IT and telecommunications, and 10 percent were from the service domain. The businesses based in the automotive sector accumulated to nearly five percent. States including Texas, Georgia, New Jersey, New York, and Massachusetts have been listed as the top five states in terms of investments.