Indian firms invested $40 bn in US, generated 425,000 jobs: CII survey

Wednesday 10th May 2023 06:40 EDT

Indian companies spent nearly USD 185 million on corporate social responsibility in the US, and they funded nearly USD 1 billion in US-based research and development (R&D) projects, according to the Confederation of Indian Industry (CII) survey "Indian Roots, American Soil," which was released by Taranjit Singh Sandhu, India's Ambassador to the United States, in the presence of Eric Garcetti, the US Ambassador-designate to India.

“Indian companies in the US bring strength, resilience and competitiveness to the US. They create jobs, support the local communities, and build capacity and technical know-how. They create virtuous cycles of prosperity,” Sandhu said in his address in the presence of a large number of representatives of Indian companies who are currently in the city to attend the Select USA Summit.

“In my travels across the US, I have been amazed to see what Indian companies have done to transform neighbourhoods in the US. 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 a success,” Sandhu said.

The survey said that as many as 163 Indian companies have invested over USD 40 billion in the United States that further has created nearly 425,000 jobs in the country.

Chandrajit Banerjee, director general of the CII, claims that Indian businesses have proven their tenacity and dedication to the US market through growing investments and job creation, as well as growing sector diversification and extending geographic presence throughout the country.

“Their future plans to invest and hire more, further indicate a positive growth trajectory for the US-India economic relationship," he said.

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