Indian companies created 113,000 jobs in US says annual report

Vastavam web:Indian companies have created more than 113,000 jobs in the US and invested nearly USD 18 billion in the country, according to an annual report which gives state-by-state breakdown of the tangible investments made and jobs created by 100 Indian firms doing business in America and Puerto Rico.The report titled ‘Indian Roots, American Soil’, which was released by Confederation of Indian Industry (CII) yesterday, states that Indian companies have also contributed USD 147 million towards corporate social responsibility and USD 588 million as research and development expenditures in the US.
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).According to the report, the top five states in which Indian companies have contributed the highest foreign direct investment are New York (USD 1.57 billion), New Jersey (USD 1.56 billion), Massachusetts (USD 931 million), California (USD 542 million) and Wyoming (USD 435 million).”The presence and reach of Indian companies continue to grow each year as they invest billions of dollars and create jobs across the United States,” he said.
Chandrajit Banerjee, CII director general said the story of Indian investment in the US is one that showcases how intertwined the two countries are that contribute to each other’s success.Indian firms are among the fastest growing investors in the US, contributing to growth and job creation in the US economy, said Senator Chris Van Hollen.Indian businesses have brought hundreds of millions of dollars and thousands of jobs to Texas and, at the same time, the reforms led by Prime Minister Modi have opened doors for American companies to expand their operations in India, he said.
“I am glad to see, as CII’s event today proves, bonds between our nations both commercial and strategic – continue to grow stronger,” Sessions said.”According to CII’s survey, Indian companies in Virginia have invested over USD 37 million in my state, and I can only hope that they will continue to invest in Virginia and that our engagement with these companies will continue to grow,” said Congressman David Brat.”I hope that Indian companies continue to put down roots and invest in our state, as our economy and community are strengthened by their engagement with us,” he said.
“As the largest India-headquartered multinational in North America, the Tata Group has had operations and investments in the US market for many decades,” said James Shapiro, resident director North America of Tata Sons Ltd.”Earlier this year, we announced plans to hire 10,000 American workers over the next two years, partnering with local colleges and universities to shrink the IT skills gap in the US, and are focused on upskilling and reskilling workers seeking to grow their careers in computer science,” he said.