India shakes US with creation of 90k jobs & investment

Investments move from pure IT sector to other sector and possibility of more investment is coming

GN Staff | July 15, 2015


#indian roots   #cii   #it sector  

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.

Comments

 

Other News

Modi at Davos: On how to realise the dream of a beautiful shared future

Prime minister Narendra Modi underlined the need for a consensus among the nation to realise the dream of a beautiful shared future, as he addressed the plenary session of the World Economic Forum (WEF) in Davos on Tuesday. After introductory remarks by the Forum`s founder and executive chai

RECTPCL hands over SPV to Power Grid Corp

REC Transmission Projects Company Ltd (RECTPCL), a subsidiary of Rural Electrification Corporation Ltd (REC), has handed over project specific special purpose vehicle (SPV) namely ERSS XXI Transmission Ltd to Power Grid Corporation of India Ltd (PGCIL). Competing alongside with the private p

BEML launches new wheel loader

Bharat Earth Movers Limited (BEML), a ministry of defence PSU, has launched a 5.4 ton wheel loader BL30-1 at Excon Exhibition 2017 in Bangalore. The high performance and rugged wheel loader is designed and developed by BEML. BL30-1 Frontend Wheel Loader is designed for maximum

SC must be subject to constant scrutiny: Justice Chelameswar

The supreme court should be subjected to constant scrutiny so that it improves, Justice Jasti Chelameswar said at a book release function on Monday. This was his first public appearance in Delhi after a January 12 press conference at which he and three fellow judges had spoken up about their differences wi

Karat then, Yechury now; Left leadership remains clueless

Much before Communist Party of India (Marxist) general secretary Sitaram Yechury got marginalised within the party’s central committee last week over the possibility of an alliance with the Congress, is learnt to have had an interesting conversation with Arun Jaitley, his fellow student-politician ba

Thumri should be taught in schools: Chhannulal Mishra

Pandit Chhannulal Mishra is a noted exponent of Banaras and Kairana gharanas. Born in Hariharpur of Azamgarh district, he learnt musical notes from various gurus and thus his music is an amalgamation of various forms and gharanas. His classical folk music has been mesmerising music lovers across the wo

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter