Indian companies generated 81,000 jobs in the US in 2013: CII survey
28 Mar 2014
Through their massive $17-billion investment in the US, Indian companies had collectively generated employment opportunities for over 81,000 people in the US, PTI reported.
According to the annual CII survey of 68 Indian companies in 40 American states for 2013, made public yesterday at an event at the Capitol Hill, New Jersey, California, New York, Texas and Illinois had the largest concentration of Indian companies.
"According to the survey, the collective investments amount to a whopping $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.
According to data from the US Department of Commerce, in recent years, India had emerged as one of the 10 fastest growing sources of foreign direct investment into the US.
Also the data from Reserve Bank of India showed that the US figured 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.
According to Kapil Sharma, senior general manager of Tata Sons, moderating a panel discussion later, said the upward trajectory of the two-way trade was undeniable and pointed to the lesser told story of Indian investment into the US as an example of how the bilateral success had been fuelled.
The Tata Group, one of the largest and most diverse India-based investors in the US, employing 20,000 people in over 30 states in the US, aptly symbolised the success of the US India relationship.
According to Essar Americas CEO Madhu Vuppuluri, the company had major investments in mining in Minnesota and was prepared for investments to cross $3 billion if state permits came through.
Mahindra's USA president Mani Iyer said the company with investments in California, Georgia, Kansas, Pennsylvania, Tennessee and Texas, had created 3,000 jobs in the US.
