163 Indian firms generated $40 billion in investment in the United States

Washington: According to a survey report released by the Confederation of Indian Industry (CII), approximately 163 Indian companies operating in the US have produced over USD 40 billion in direct investments in the nation.

In addition, these companies have jointly produced about 425,000 jobs in the US.

On Wednesday (local time), the CII’s survey report, Indian Roots, American Soil, seventh edition, was presented at the India-US Business Reception, which was hosted by Taranjit Singh Sandhu, the Indian Ambassador.

According to the report, Indian companies are increasingly funding US-based Research and Development (R&D) projects with investments of nearly USD 1 billion and corporate social responsibility (CSR) initiatives with investments of nearly USD 195 million.

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In “Indian Roots, American Soil 2020,” 163 surveyed Indian companies conducting business in all 50 states are analysed state-by-state for the actual investments made and jobs generated.

The report was formally introduced by the newly sworn-in US Ambassador to India, Suchita Sonalika of CII, Eric Garcetti, Indian Ambassador Taranjit Singh Sandhu, Assistant Secretary of Commerce for Global Markets Arun Venkataraman, and Eric Garcetti.

“In my travels across the US, I have been amazed to see what our companies like HCL, Infosys, TCS, Wipro, Mahindra, and others have done to transform neighbourhoods and partner with schools and universities,” Ambassador Sandhu said at the launch.

The seventh edition of the CII’s flagship report demonstrated that Indian industry is not only committed to the prosperity of the US economy and its people, but that by increasing FDI and job creation, Indian firms are strengthening the resiliency of US markets and ensuring the promise of the India-US relationship as the defining partnership of the twenty-first century.

A delegation of Indian government officials, business leaders, and investors who are in Washington for the SelectUSA Investment Summit, the largest event in the US to promote foreign direct investment, was also present at the event. The Indian delegation is the most numerous at the summit.

“The size of this delegation reflects the natural partnership on trade and investment.” But don’t get too carried away. “The relationship between the United States and India is much deeper than that,” said Arun Venkataraman.

VenkatRamam emphasised the importance of the US-India economic relationship, stating that it is critical to both countries’ futures and highlighting the fact that the two countries have never worked so closely on such a wide range of issues before.

India is obviously a natural partner for the United States in terms of trade and investment. That was made crystal clear by Secretary Rimando during her wildly successful March visit to India. She may have been dancing and celebrating when many of you saw her. She still talks about that visit, the top official in the department of commerce continued.

Among the businesses CII surveyed, 29% were in the life sciences and pharmaceuticals industry, 21% were in the information technology and telecommunications sector, 18% were in the manufacturing industry, 10% provided financial, legal, logistical, and design services, and 5% were in the automotive industry.

According to the report, the top five states in terms of investment by these firms are Texas, Georgia, New Jersey, New York, and Massachusetts.

The footprint created by Indian companies in the United States is critical to the development and growth of the India-United States bilateral partnership, and this report will serve as an exclusive resource for both the private sector and policymakers interested in cultivating deeper ties.