Indian professionals making significant contribution to US
One hundred Indian origin companies have combined businesses worth US$17.9 billion with more than 100,000 jobs across the United States, according to a new survey report released by the Confederation of Indian Industry (CII) on 15 Nov 2017.
The report, “Indian Roots, American Soil,” is a state-by-state breakdown of tangible investments made and jobs created by 100 surveyed Indian companies doing business in all 50 states, as well as Washington, D.C., and Puerto Rico. New Jersey, Texas, California, New York and Georgia are home to the most number of workers in America directly employed by Indian companies.
New York, New Jersey, Massachusetts, California, and Wyoming have the highest foreign direct investment (FDI) from Indian companies, according to the report.
The surveyed companies also provided data regarding their corporate social responsibility (CSR) and research and development expenditures, which totaled US$147 million and US$588 million, respectively.
“Indian industry and professionals are making significant contributions to the U.S. economy – I am delighted that this fact is being recognized today at the CII event on Capitol Hill,” said Ambassador Navtej Sarna, India’s Ambassador to the U.S.
“The presence and reach of Indian companies continues to grow each year as they invest billions of dollars and create jobs across the United States.”
Ambassador Sarna continued: “The CII study is a critical component of our strong and vibrant bilateral relationship with the U.S, which continues to flourish in strategic terms as well.”
Key findings in the report:
Together, 100 Indian companies employ 113,423 people across 50 states, the District of Columbia and Puerto Rico.
The total value of tangible investments made by these 100 companies exceeds $17.9 billion.
The top five states in which 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 in which Indian companies have 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.
85% of the companies plan to make more investments in the United States.
87% 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, healthcare, materials and manufacturing, tourism and hospitality, engineering and construction, automotive, food and agriculture, energy and information technology.
CII released the study on Capitol Hill today during an event that 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.
Ambassador Sarna spoke in support of the contributions. In addition, several members of the U.S. Congress and a delegation of CII member-companies with investments and operations in the U.S. participated in the event. fii-news.com
