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Investments From Indian Firms Are Generating 1.25 Lakhs Jobs In The US, Says CII

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Investments From Indian Firms Are Generating 1.25 Lakhs Jobs In The US, Says CII
PTI - 16 June 2020

New Delhi, June 16: As many as 155 companies with origins in India are responsible for generating over $22 billion in investments and nearly 1.25 lakh jobs across the US, according to a report by CII.

The report, 'Indian Roots, American Soil 2020,' is a state-by-state breakdown of tangible investments made and jobs created by 155 surveyed Indian companies engaged in business in all 50 states, as well as Washington, DC and Puerto Rico.

The top five states in which Indian firms have generated maximum employment are: Texas (17,578 jobs), California (8,271 jobs), New Jersey (8,057 jobs), New York (6,175 jobs) and Florida (5,454 jobs), the report said.

The top five states in which they surveyed, Indian companies contributed the highest foreign direct investment are: Texas ($9.5 billion), New Jersey ($2.4 billion), New York ($1.8 billion), Florida ($915 million), and Massachusetts ($873 million).

The states with the top concentrations of Indian companies were New Jersey, Texas, California, New York, Illinois and Georgia.

The surveyed companies also provided data regarding their Corporate Social Responsibility (CSR) and research and development expenditures, which stood at $175 million and $900 million, respectively.

Moreover, 77 per cent of the companies plan to make more investments in the US, and 83 per cent plan to hire more employees locally in the next five years.

The CII survey respondents represent diverse sectors including pharmaceuticals and life sciences, telecommunications, aerospace and defence, financial services, manufacturing, tourism and hospitality, design and engineering, automotive, food and agriculture, energy and mining and materials.

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