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155 Indian companies have put $22 billion in US, says CII report

155 Indian companies have put $22 billion in US, says CII report

As many as 155 Indian companies have invested over $22 billion in the US which generated about 1.25 lakh jobs, according to a report by the Confederation of Indian Industry (CII).

The report titled 'Indian Roots, American Soil 2020' says that New Jersey, Texas, California, New York, Illinois and Georgia had the top concentrations of Indian companies.

The corporate social responsibility (CSR) and research and development expenditure of the companies stood at $175 million and $900 million, respectively.

Texas, California, New Jersey, New York, and Florida are home to the greatest number of workers in the US directly employed by the reporting Indian companies.

The surveyed companies disclosed the highest amounts of foreign direct investment (FDI) were in Texas, New Jersey, New York, Florida, and Massachusetts.

Indian investments in 20 US states stand at over $100 million each, showed the survey.

Around 77 per cent of the companies plan to make more investments in the world's largest economy and 83 per cent of the companies plan to hire more employees locally in the next five years.

The CII survey respondents are from sectors including pharmaceuticals, telecommunications, aerospace and defense, financial services, manufacturing, tourism and hospitality.

Chandrajit Banerjee, director general, CII, said: "The survey results show that the US is a preferred investment destination for Indian companies which are contributing significantly to supporting local jobs. The results in the survey capture a snapshot in time, documenting tangible investments and direct jobs only, so I believe that the actual economic impact of Indian FDI in the US is much larger."

He further said that it is critical that the US government continues to provide a supportive policy environment for Indian companies to flourish and enhance their operations in the US, especially to aid economic recovery at this time.

(with agency inputs).