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Major jump in Indian investments in US, says report
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IANS | 04 May, 2023
Investments by Indian companies in the US have almost doubled since
2020, says a seventh edition of an annual report put together by the
Confederation of Indian Industry.
The number of Indian
companies in the US went up by only 8, from 155 to 163, but the
cumulative investments grew from $22 billion in 2020 to $40 billion in
2023.
Total US investments in India stood at $59.1 billion.
These
Indian companies, which include Mahindra, Tata Sons and Tata
Consultancy Services, Infosys, and Welspun, are located across all 50
states and Washington DC and Puerto Rico and have made tangible
investments in 40 states.
Together they employ over 425,000 people.
"In
my travels across the US, I have been amazed to see what Indian
companies have done to transform neighborhoods in the US," said Taranjit
Singh Sandhu, Indian ambassador to the US, at an event held Wednesday
to release the report and welcome 250 delegates of a business delegation
that has come to the US from India for SelectUSA's annual gathering to
attract job-creating investments in the US by foreign companies.
"They
not only create virtuous cycles of employment, investment and growth in
the US; but go beyond - they support local communities and partner with
schools and universities. India has always believed that success is to
be shared; and sharing is success," Sandhu added.
The launch
event was attended also by Eric Garcetti, the US ambassador-designate to
India, Department of Commerce and local officials.
The state of
Texas led the table with the largest chunk of Indian investments - $9.8
billion; followed by Georgia with $7.5 billion; New Jersey with $4.2
billion; New York $2.1 billion; and Massachusetts $1.4 billion.
"Prospects
for the future look bright with 83 per cent of Indian companies
reporting that they expect to invest more and 85% expect to hire more in
the US in the next five years," CII said in a statement.
"Indian
companies have not only supported US communities throughout the worst
of the pandemic downturn - they have also continued to expand and ensure
the competitiveness of US companies and local ecosystems during the
recovery period that has followed. CII has published the survey-based
report regularly to document the growing role of Indian FDI's in
strengthening the bilateral India-US economic partnership."
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
| Japanese
Yen |
55.05 |
53.40 |
| As on 12 Oct, 2024 |
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