20
Saturday
October 2018
9:31 PM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
Indian companies create 113K jobs in US: Report
 
Washington, Nov 15 (PTI) Indian companies have created more than 113,000 jobs in the US and invested nearly USD 18 billion in the country, according to an annual report which gives state-by-state breakdown of the tangible investments made and jobs created by 100 Indian firms doing business in America and Puerto Rico.

The report titled 'Indian Roots, American Soil', which was released by Confederation of Indian Industry (CII) yesterday, states that Indian companies have also contributed USD 147 million towards corporate social responsibility and USD 588 million as research and development expenditures in the US.

Together, 100 Indian companies employ 113,423 people across 50 states, the District of Columbia and Puerto Rico, the report said, adding that the total value of tangible investments made by these companies exceeds USD 17.9 billion.

The top five states in which Indian companies have generated maximum employment are New Jersey (8,572 jobs), Texas (7,271 jobs), California (6,749 jobs), New York (5,135 jobs) and Georgia (4,554 jobs).

According to the report, the top five states in which Indian companies have contributed the highest foreign direct investment are New York (USD 1.57 billion), New Jersey (USD 1.56 billion), Massachusetts (USD 931 million), California (USD 542 million) and Wyoming (USD 435 million).

The average amount of investment received from Indian companies per state/territory is USD 187 million, the report said, noting that 85 per cent of the companies plan to make more investments in the US.

As many as 87 per cent of the companies plan to hire more employees locally in the next five years.

Indian industry and professionals are making significant contributions to the US economy, said Indian Ambassador to the US Navtej Sarna.

"The presence and reach of Indian companies continue to grow each year as they invest billions of dollars and create jobs across the United States," he said.

Chandrajit Banerjee, CII director general said the story of Indian investment in the US is one that showcases how intertwined the two countries are that contribute to each other's success.

Indian firms are among the fastest growing investors in the US, contributing to growth and job creation in the US economy, said Senator Chris Van Hollen.

As the world's oldest democracy and the world's largest democracy, a strong US-India partnership is vital for the 21st century, said Congressman Ami Bera.

The friendship between the United States and India has continued to grow under President Trump's administration, said Congressman Pete Sessions.

Indian businesses have brought hundreds of millions of dollars and thousands of jobs to Texas and, at the same time, the reforms led by Prime Minister Modi have opened doors for American companies to expand their operations in India, he said.

"I am glad to see, as CII's event today proves, bonds between our nations both commercial and strategic - continue to grow stronger," Sessions said.

"According to CII's survey, Indian companies in Virginia have invested over USD 37 million in my state, and I can only hope that they will continue to invest in Virginia and that our engagement with these companies will continue to grow," said Congressman David Brat.

In addition to spurring economic activity, particularly in North Carolina, this type of investment serves to strengthen the bond between our two countries, said Congressman George Holding.

The report shows that Indian companies have invested over USD 195 million in the state of Illinois, and created over 3,800 jobs, said Congressman Raja Krishnamoorthi.

"I hope that Indian companies continue to put down roots and invest in our state, as our economy and community are strengthened by their engagement with us," he said.

"As the largest India-headquartered multinational in North America, the Tata Group has had operations and investments in the US market for many decades," said James Shapiro, resident director North America of Tata Sons Ltd.

Ravi Kumar, president and Deputy COO, Infosys said his company began working with its first US client over 35 years ago and, have worked to boost American innovation ever since.

"Earlier this year, we announced plans to hire 10,000 American workers over the next two years, partnering with local colleges and universities to shrink the IT skills gap in the US, and are focused on upskilling and reskilling workers seeking to grow their careers in computer science," he said.

The work of Infosys Foundation USA has benefited over 4,700,000 students, 13,000 teachers and 21,000 schools across all 50 states in America since 2015, he asserted.


Japan introduces Artificial Intelligence technology to ease business
Reliance Industries posts net profit of Rs 9516cr in Q2
Infosys Q2 net profit grows 10.3% to Rs 4,110 crore
Trillions in US net worth vulnerable to recession: IMF
Will cause third World War if I join politics: Indra Nooyi
RBI springs surprise, keeps interest rates unchanged
IndiGo announces flights to Male, Phuket
Salaries in India may rise 10% in 2019, highest in Apac:Study
Govt to finalise Air India revival package in 10-15 days, says Choubey
Apple chief says firm guards data privacy in China
Govt plans Bharat-22 ETF listing on an overseas exchange
Sun Pharma expects normalisation of India biz in FY'19
Innovations for festive sales help build capabilities for future, says Flipkart
Cabinet Gives Nod to New Telecom Policy to Create 40 Lakh Jobs
Cabinet okays Rs 4,500 crore package to sugar industry
Instagram departures hit Facebook shares
Sensex ends in red after 1,000-pt flash crash
OYO to hire over 2,000 tech experts, engineers by 2020
Sensex recovers over 100 points on value-buying, global cues
Deepak Kapoor Appointed the new Chairperson of Save the Children
KERALA NEWS
Vijayan urges UAE Keralites to back salary challenge
 (Abu Dhabi, Oct 18, 2018): Kerala Chief Minister Pinarayi Vijayan has urged Keralite business  
Sabarimala row: Protests against SC verdict continue
Balabhaskar's wife Lakshmi shifted to ICU
Idukki dam's one shutter opened
INTERNATIONAL NEWS
Top Afghan Police Chief Killed In Shooting, US General Unhurt
 (Kandahar, oct 19, 2018):Gen. Abdul Razeq, one of Afghanistan's most powerful security offici
Putin says IS seized 700 hostages in Syria; executing some
Sri Lankan President assured of "fullest cooperation" by PM Modi
VP Naidu arrives in Brussels for 12th ASEM Summit
NATIONAL NEWS
Amritsar tragedy: Women, children among 61 killed as rushing trains crush Dussehra revellers
 (CHANDIGARH, oct 19, 2018):At least 61 people, including women and children, were mowed down
Rahul Gandhi calls on Sri Lankan PM
PNB Scam: ED seizes more assets of Modi, Choksi
Andhra CM visits cyclone-hit areas in Srikakulam
Untitled Page
Rashtra Deepika LTD
Copyright @ 2018 , Rashtra Deepika Ltd.