Investments move from pure IT sector to other sector and possibility of more investment is coming
GN Staff | July 15, 2015
A diversified investment of $ 15 billion by major Indian companies has resulted in the creation of more than 90,000 jobs in the US. Ninety per cent of the companies plan to hire more employees locally in the next five years.
In a report “Indian Roots, American Soil”, by the Confederation of Indian Industry (CII) and Grant Thornton (GT), it was revealed that sizeable investment (40 per cent) went to the IT and related sector. However, there has been shift in investments with a significant number of companies in the life sciences (14 per cent), manufacturing (14 per cent) and automotive (four per cent) sectors across 35 American States.
According to the report, the top five states where the Indian companies have generated maximum employment are New Jersey (9300 jobs), California (8400), Texas (6,200), Illinois (4,800) and New York (4,100). In terms of quantum of investments, the southern State of Texas received the maximum foreign investment ($ 3.84 billion) followed by Pennsylvania ($ 3.56 billion), Minnesota ($1.8 billion), New York ($ 1.01 billion) and New Jersey ($ 1 billion).
According to the report 84.5 per cent of the companies plan to make more investments in the United States.
More than 20 top lawmakers including Senators, John Cornyn and Mark Warner, attended the report release 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, co-chair of the Senate India Caucus.
The 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.
“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,” said Indian Ambassador to the US, Arun K Singh.
The US-India 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.
Major investments in energy, including conventional sources such as oil and gas, as well as renewable enegy, 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 sectors.
“India is now the fourth fastest growing source of investments into America. This is a very critical aspect of the burgeoning bilateral US-India business story and one that has an immediate and visible positive impact on the local communities where these companies operate. It’s a story that needs to be told and re-told,” said Chandrajit Banerjee, CII director general.
In an interview with Governance Now, Anil Kumar Jha, special DGP, CID, Assam, who is also nodal officer for the CCTNS project, speaks of what the system in its present form has helped his state achieve. What is the current status of CCTNS in Assam and its outcome?
A stand-off between the ministry of home affairs (MHA) and software development firm Wipro seems to have long held up the Rs 2,000 crore crime and criminal tracking network and systems (CCTNS) project, conceptualised ten years ago. The project aims to digitise and connect all police stations in the country
Questioning the development model pushed ahead for profit oriented growth, social and political activists, academicians, financial analysts and civil society organisations are holding a three day confluence of Peoples’ Convention on Infrastructure Financing in Mumbai. &nb
About one-fourth of India’s elderly face abuse at the hands of those they trust the most – the son (52%) followed by the daughter in law (34%),spouse/partner (14%), daughter(6%) grandchild (6%), son in law(3%), parent(1%) and care giver(1%), reveals a report by the HelpAge Ind
The official statistics provided by the department of industrial policy and promotion (DIPP) under the ministry of commerce and industry shows that between January 2000 and December 2017, India received $368 billion of foreign direct investment (FDI). It also says that Mauritius was the source of $125 bill
The declaration communicated through the director general of military operations (DGMO) of Pakistan and India on May 29, 2018, to implement the ceasefire agreement of 2003 between the two countries in “letter and spirit” has opened up an opportunity to restore peace in the disturbed Kashm