163 Indian companies invested $40 bn in US

Washington: As many as 163 Indian companies have invested more than $40 billion in the United States so far which has created nearly 425,000 jobs in the country, according to a survey.

The survey titled “Indian Roots, American Soil” of the Confederation of Indian Industry (CII), which was launched on Wednesday by India's Ambassador to the United States Taranjit Singh Sandhu in the presence of US Ambassador-designate to India Eric Garcetti, also revealed that Indian companies spent nearly $185 million as corporate social responsibility in the United States and their financing of US-based Research and Development (R&D) projects is nearly $1 billion.

“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. This is one of the largest India delegations ever at Select USA.

“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 $40 billion in the United States that further has created nearly 425,000 jobs in the country. According to Chandrajit Banerjee, CII Director General, Indian companies have demonstrated their resilience and commitment to the US market, with increasing investments and job creation, as well as growing sector diversification and expanding geographic presence across the US.