100 Indian companies invest USD 15 bn in US, create 91k jobs

Washington A total of one hundred major Indian companies created more than 91000 jobs in the US by investing USD 15 billion in a wide range of sectors across 35 American States according to a latest reportThe southern State of Texas received the maximum USD 384 billion foreign investment from Indian companies followed by Pennsylvania USD 356 billion Minnesota USD 18 billion New York USD 101 billion and New Jersey USD 1 billion said the report titled Indian Roots American Soil by the Confederation of Indian Industry CII and Grant Thornton GTMore than 20 top lawmakers including Senators John Cornyn and Mark Warner attended the report released yesterday at the Capitol Hill As India surges forward to become the fourth fastest growing source of FDI into the US it is critical that we recognise the positive impact of Indian business investments in the country said Senator Warner cochair of the Senate India CaucusA cornerstone of relations between India and US is the thriving commercial exchange between the countries Warner said According to the report the top five states where the Indian companies have generated maximum employment are New Jersey 9300 jobs California 8400 Texas 6200 Illinois 4800 and New York 4100The CII study draws attention to the growing contribution and influence of the Indian industry which forms an important component of our growing and vibrant relationship with the United States said Indian Ambassador to the US Arun K Singh Today Indian companies are not just investing and creating jobs they have also become significant stakeholders in the growth and prosperity of their local communities Singh saidThough Indian companies have made tangible investments in 35 US States they are have physical presence in all the 50 US States the report said adding that the average amount of investment received from Indian companies per state was USD 443 million The friendship between the United States and India has grown stronger over the past yearAnd both our nations are better for it said Congressman George Holding CoChair of the Congressional Caucus on India and Indian Americans According to the report 845 per cent of the companies plan to make more investments in the United States Ninety per cent of the companies plan to hire more employees locally in the next five yearsThe USIndia relationship is in many ways best exemplified through these Indian companies in America that have Indian roots but are completely enmeshed into US soil said Sumit Mazumder CII president According to the report sizeable investment 40 per cent is in the IT and related sector but the emergence of a significant number of companies in the life sciences 14 per cent manufacturing 14 per cent and automotive four per cent sectors is a remarkable development as a major contributor to job creationMajor investments in energy including conventional sources such as oil and gas as well as renewables have also contributed to the increasing diversity of Indian companies operations in the US Indian companies have also made investment in the tourism and hospitality food and agriculture as well as in the media and entertainment sectorsIndia is now the fourth fastest growing source of investments into America this is a very critical aspect of the burgeoning bilateral USIndia business story and one that has an immediate and visible positive impact on the local communities where these companies operate Its a story that needs to be told and retold said Chandrajit Banerjee CII director generalCongressman Bera CoChair of Congressional Caucus on Indian and Indian Americans said the growing the economic partnership between India and the US will benefit both economies and bring new jobs to his Sacramento County in California