28 March,2014 08:45 AM IST | | Agencies
Indian companies through its massive USD 17-billion investment in the US have collectively generated employment opportunities for more than 81,000 people in the country
Washington: Indian companies through its massive USD 17-billion investment in the US have collectively generated employment opportunities for more than 81,000 people in the country, according to a survey.
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The annual CII survey of 68 Indian companies in 40 American states for 2013, made public yesterday at an event at the Capitol Hill, showed that New Jersey, California, New York, Texas and Illinois have the largest concentration of Indian companies.
"According to the survey, the collective investments amount to a whopping USD 17 billion as of today and together they generate employment for more than 81,000 people in the United States," said the report Indian Roots, American Soil: Story of Indian Companies, growing impact on the US economy.
In fact, in recent years, India has emerged as one of the 10 fastest growing sources of foreign direct investment into the US, according to data from the US Department of Commerce.
Further, data from Reserve Bank of India shows that the US features among the top five destinations for FDI from India.
"All of these factors point to the growing prowess of Indian industry in the United States, in terms of investments, job creation and thus, overall economic impact. The US-India economic relationship is certainly poised for further growth, though awaits more impetus," the CII report said.
"Advancing discussions on the Bilateral Investment Treaty, encouraging programmes such as Global Entry for 'trusted travellers' and addressing challenges in labour mobility will be crucial in driving this growth forward," it said.
Kapil Sharma, senior general manager of Tata Sons, moderating a panel discussion later, said the upward trajectory of the two-way trade is undeniable. He pointed to the lesser told story of Indian investment into the US as an example of how the bilateral success has been fuelled.
The Tata Group, reflective of this success, is itself one of the largest and most diverse India-based investors in the US, employing 20,000 people in over 30 states in the US.
Essar Americas CEO Madhu Vuppuluri said the company has major investments in mining in Minnesota and is prepared for investments to go above USD 3 billion if state permits come through.
Mahindra, with investments in California, Georgia, Kansas, Pennsylvania, Tennessee and Texas, has created 3,000 jobs in the US, said its USA president Mani Iyer.
Gilead has collaborations with 15 drug manufacturers in India with licenses to provide Gilead medicines in resource-constrained countries, said company's vice president, Access Operations and Emerging Markets, Clifford Samuel.
The event, which highlighted the economic successes of three US corporations in India and three Indian companies in the US, was attended by several US lawmakers including House India Caucus Co-chair Joseph Crowley, Pete Olson, Ami Bera and Rick Nolan.
Indian Ambassador to the US S Jaishankar and USIBC president Ron Somers also addressed the event.
