India-based companies have invested over $15 billion across the U.S., creating an estimated 91,000 jobs, according to a new report released by the Confederation of Indian Industry and Grant Thornton. Of the investment destinations for Indian firms, New Jersey, California, Texas, Illinois and New York lead the way, noted the report, “Indian Roots, American Soil,” released on July 14 at an event on Capitol Hill.
Those states have the most Americans directly employed by Indian companies, with New Jersey accounting for 9,278 hires; California employs 8,937; Texas has 6,230 jobs; Illinois has seen 4,779 people land jobs; and New York employs 4,134.
Texas at $3.84 billion; Pennsylvania with $3.56 billion; Minnesota at $1.8 billion; $1.01 billion for New York; and $1 billion from New Jersey account for the highest foreign direct investment from Indian-based companies, the first time a state-by-state breakdown of tangible investments made by Indian firms has been provided.
Indians are “making a significant contribution to the U.S. economy, investing billions of dollars and creating thousands of jobs across states and sectors,” Indian Ambassador to the U.S. Arun K. Singh said. “This trend has grown stronger over the years and is continuing to show remarkable progress.”
The report said that 100 Indian companies have employed more than 91,000 people across 35 states, as well as Washington, D.C. Those 100 companies have made in excess of $15.3 billion in investments.
On average, the investment from Indian companies for each state is $443 million.
“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,” Singh added.
CII’s study also said that roughly 84.5 percent of the companies intend to make more investments in the U.S., and 90 percent plan to hire more employees locally in the next five years.
“Prime Minister (of India, Narendra) Modi and President (Barack) Obama’s vision for the U.S.-India relationship is in many ways best exemplified through these Indian companies in America that, though they have Indian roots, are completely enmeshed into U.S. soil,” CII president Sumit Mazumder said.