155 Indian Companies Account for over $22 Billion in Investments, Nearly 125,000 Jobs in U.S.: CII Study

New Delhi: One hundred and fifty-five companies with origins in India are responsible for generating over $22 billion in investments and nearly 125,000 jobs across the United States, according to a new survey report released today by the Confederation of Indian Industry (CII).

The report, “Indian Roots, American Soil 2020,” is a state-by-state breakdown of tangible investments made and jobs created by 155 surveyed Indian companies doing business in all 50 states, as well as Washington, D.C., and Puerto Rico. Texas, California, New Jersey, New York, and Florida are home to the greatest number of workers in the U.S. directly employed by the reporting Indian companies. The surveyed companies disclosed the highest amounts of foreign direct investment (FDI) in Texas, New Jersey, New York, Florida, and Massachusetts. The states with the top concentrations of Indian companies reporting were New Jersey, Texas, California, New York, Illinois and Georgia.

The surveyed companies also provided data regarding their corporate social responsibility (CSR) and research and development expenditures, which totaled $175 million and $900 million, respectively.
Key findings in the report (attributed to the 155 survey-respondents):

Together, 155 Indian companies employ nearly 125,000 people across 50 states, the District of Columbia and Puerto Rico.

The total value of tangible investments made by these 155 companies exceeds $22 billion.

The top five states in which Indian companies have generated maximum employment are: Texas (17,578 jobs), California (8,271 jobs), New Jersey (8,057 jobs), New York (6,175 jobs) and Florida (5,454 jobs).

The top five states in which Indian companies have contributed the highest foreign direct investment are: Texas ($9.5 billion), New Jersey ($2.4 billion), New York ($1.8 billion), Florida ($915 million), and Massachusetts ($873 million).

Indian investments in 20 U.S. states stand at over $100 million each.

77% of the companies plan to make more investments in the United States.

83% of the companies plan to hire more employees locally in the next five years.

The CII survey respondents represent diverse sectors including pharmaceuticals and life sciences, telecommunications, aerospace and defense, financial services, manufacturing, tourism and hospitality, design and engineering, automotive, food and agriculture, energy and mining and materials.

The CII report was launched via a webinar by Chandrajit Banerjee, Director General, CII and Taranjit Sandhu, Ambassador of India to the United States, along with support from senior US Government officials, including Diane Farrell, Acting Deputy Under Secretary for International Administration, US Department of Commerce and Peter Haas, Principal Deputy Assistant Secretary, US Department of State. Several members of Congress also joined the report launch over video, including Senators John Cornyn (R-TX) and Mark Warner (D-VA), co-chairs of the Senate India Caucus, as well as Representatives Brad Sherman (CA-30), co-chair of the House Caucus on India and Indian Americans, and Ami Bera (CA-07) who joined live.

A business panel moderated by Atul Deshmukh, Global Head of Assurance, KNAV, followed the report launch, in which business leaders – Inderpreet Sawhney, Group General Counsel and Chief Compliance Officer, Infosys Ltd, Dr Sofia Mumtaz, President, Lupin North America, and Laksh Vaaman Sehgal, Vice Chairman, Motherson Group highlighted the contributions of Indian companies to the U.S. economy in the form of FDI, jobs created and saved, research and development, skills training and local corporate social responsibility initiatives – including Indian companies’ support to the US in its fight against COVID-19.

Chandrajit Banerjee, Director General, CII:
“As CII celebrates its 125th anniversary this year as well as 25 years of its US operations, the Indian Roots, American Soil 2020 report marks an important milestone, and is a testament to the robust economic partnership between India and the US. The survey results show that the US is a preferred investment destination for Indian companies which are contributing significantly to supporting local jobs. The results in the survey capture a snapshot in time, documenting tangible investments and direct jobs only, so I believe that the actual economic impact of Indian FDI in the US is much larger. It is critical that the US Government continues to provide a supportive policy environment for Indian companies to flourish and enhance their operations in the US, especially to aid economic recovery at this time.”

Kapil Sharma, Chair, CII India Business Forum USA and Vice President, Government and Public Affairs North America, Wipro
“I am proud to be associated with the CII’s Indian Roots, American Soil report since its very first edition ten years ago. This is an important initiative that brings together Indian industry with US Government officials and members of Congress, highlighting the increasing contributions of Indian companies’ investments and job creation across the United States, with a state by state analysis. In the current scenario, Indian companies in the US have demonstrated their values-based leadership, working to limit the spread of COVID-19, to protect the safety of its workers, and to help restart the US and Indian economies. Our companies are part of the solution for our two great economies to eventually return to normalcy.”

QUOTES FROM MEMBERS OF CONGRESS:

Senator John Cornyn (R-TX), Co-chair, Senate India Caucus:
“I want to congratulate all of you on your 125th anniversary, the release of the sixth edition of the Indian Roots, American Soil report. As co-founder of the Senate India Caucus, I am committed to strengthening the relationship between the world’s oldest and largest democracies. The Confederation of Indian Industry has been a critical partner in this process, and I am proud Texas came first in every category in this year’s report. Indian Americans have made so many important cultural, economic and scientific contributions to our country and Texas values your hard work and innovation. So keep up the good work!”

Senator Mark Warner (D-VA), Co-chair, Senate India Caucus
“I’d like to start off by thanking the Confederation of Indian Industry for this report which highlights the great contributions that Indian industry has made to the United States. As Co-chair of the Senate India Caucus, the largest bilateral caucus in the Congress, I am well aware of the enormous contributions that Indian industry and the Indian American Diaspora make to our nation. As many folks know, Indian companies not only help build American jobs but they also strengthen ties between the world’s two largest democracies. As the 2020 report shows, Virginia has attracted over $80 million in direct Indian investment and Indian industries have create over 1000 jobs just in my own home state. Now, as the world, and both India and America grapples with the coronavirus, we need to take this moment to rededicate to building good jobs for Americans, for Indians. We need to recommit ourselves to building stronger relationships between India and the United States. And as somebody who has visited India, as a guest of CII, I want to thank you for your 125 years of service to industry, not only in India but around the world. Congratulations and lets build these relations even stronger.”

Representative Ami Bera (CA-07)
“I’d like to congratulate the Confederation of Indian Industry on the release of this important report highlighting the tremendous contributions that Indian companies have made to the United States. I am especially proud that over 8,000 jobs have been created by Indian companies in my home state of California. The Indian American community has made significant contributions to American society – whether it be through the arts, military, business, or medicine. As Chair of the House Foreign Affairs Subcommittee on Asia and the Pacific, and as the longest serving Indian American in Congress, I will continue to champion a close and robust U.S and India partnership. Thank you to CII for this report and for your leadership.”

QUOTES FROM INDUSTRY:

Lupin Pharmaceuticals Inc.
“Lupin pledges support for the nation’s public health during the COVID-19 pandemic, donating 1,500,000 200 mg tablets of Hydroxychloroquine to HHS for research purposes, and thousands of N95 masks to hospitals and nursing homes in New York, New Jersey, Maryland and Florida, in addition to providing 11.4 million doses of Azithromycin at cost to American patients, and funding about 17,000 meals for front line health care workers. Lupin continues to invest in communities in the US and looks to expand its facilities here to help secure additional domestic production of drugs.”

Motherson Group
“Motherson first started in the US in 2009 and today we have 20 locations with five manufacturing plants over 800k square meters, employing more than 3000 people with an investment of half a Billion dollars. At Motherson, our model has been local manufacturing, global support.”

Comments are closed.