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 inaugurates India’s longest bridge in Assam

  Prime minister Narendra Modi celebrated three-year of his government on May 26 by inaugurating Dhola-Sadiya bridge over the Brahmaputra river in Assam’s Tinsukia district. It is the longest bridge in India, which runs 9.15 km from end to end and connects Assam with Arunachal Pradesh.

IndianOil registers highest ever profit of Rs 19,106 crore

 IndianOil posted a net profit of Rs 19,106 crore for 2016-17 fiscal as compared to a profit of Rs 11,242 crore in the last fiscal. The income from operations for the financial year 2016-17 was Rs 4,45,373 crore as compared to Rs 4,06,828 crore in the previous fiscal. IndianOil`s income from

Maiden flight of HAL’s light utility helicopter

 Hindustan Aeronautics Limited (HAL) carried out first flight of light utility helicopter (LUH)-PT-2 on May 22 at its Bengaluru-based facility. The flight duration was about 22 minutes and pilots reported nil snag, HAL said.   “These maiden flights of indig

The rise and rise of muscular nationalism

 Narendra Modi is like Greek mythology’s King Midas: whatever he touches turns into gold. Most people in this country are left dazzled by his ability to make dramatic announcements with a statuesque flourish.   The past three years of the Modi government have left the

BHEL unveils 270 MW thermal unit in Maharashtra

Bharat Heavy Electricals Limited (BHEL) has added another feather to its cap by successfully commissioning another 270 MW thermal unit at RattanIndia Nasik Power Limited’s 5x270 MW thermal power project at Sinnar (Nasik) in Maharashtra.   This is the fourth unit to be c

India is second largest stainless steel producer in the world: steel minister

Chaudhary Birender Singh, minister for steel, said that the Indian steel industry is at the cusp of a significant milestone by becoming the second largest stainless steel producer in the world, leaving behind Japan. He said that the steel sector is only an example of all-round development in India. The c



Video

सुषमा ने किया देश की बेटी का स्वागत

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter