Half of India’s $40 billion investments in the US went into just two sectors
Indian companies have created 240% more jobs in the US since 2020 with an 81% increase in investments, the Confederation of Indian Industries (CII) has said.Read more……
Indian companies have created 240% more jobs in the US since 2020 with an 81% increase in investments, the Confederation of Indian Industries (CII) has said.
The firms have invested more than $40 billion in the US so far, up from $22 billion in 2020, according to a CII report released earlier this week. Higher investments have created employment for 425,000 people, according to the report, from 125,000 three years ago.
Even the number of companies investing there is up from 155 to 163.
Indian business giants majors such as Tata Consultancy Services, Infosys, Wipro, Reliance Industries, and Essar have substantially expanded their US operations in recent years.
The report, however, does not explicitly state the reasons for this spike in three years.
In which US sectors do Indian firms invest?
Notably, up to 50% of Indian investments were focused on the US’s pharmaceuticals and information technology sectors.
The firms also spent nearly $185 million under corporate social responsibility and nearly $1 billion towards research and development, the report stated.
Texas is a hotbed for Indian investments and workforce
Indian companies have invested the most—$9.8 billion—in Texas, which also saw the most number of jobs created by them at 20,906.
It’s been the case for years now (pdf), given the US state’s wealth of natural resources, its educational infrastructure, and industries. Its tax laws, along with other business-friendly factors have helped Indian businesses, too.
After Texas, Georgia ($7.5 billion), New Jersey ($4.2 billion), New York ($2.1 billion), and Massachusetts ($1.4 billion) follow in terms of the attractiveness they hold for Indian companies.
In terms of jobs, Texas was followed by New York (19,162), the report said. Overall, Indian firms created up to 35,000 remote jobs in the US.
Most of these Indian companies have plans to expand further and invest more, hiring more employees over the next five years, the report said.
