Indian companies have saved thousands of jobs in the US: Report
India-based companies have been responsible for saving thousands of jobs in the US in recent years, as they have continued to hire locally wherever they have put down roots, according to a new report by the Confederation of Indian Industry.business Updated: Mar 31, 2011 23:07 IST
India-based companies have been responsible for saving thousands of jobs in the US in recent years, as they have continued to hire locally wherever they have put down roots, according to a new report by the Confederation of Indian Industry (CII).
The study "Indian Roots, American Soil: A Look at Indian Companies in the US Economy" was released on Capitol Hill during CII's event highlighting the jobs and investments created by Indian companies in the US.
It was attended by Senator John Cornyn, Co-chair of Senate India Caucus, Congressman Jim McDermott and Congressman Joseph Crowley, Co-chair of the Congressional Caucus on India and Indian Americans, besides Meera Shankar, the Indian Ambassador to the US.
Based on a survey of 35 CII–India Business Forum member companies, the study concluded that since 2005, nearly two-thirds of Indian companies have added jobs to their US operations.
Together, these 35 companies employ more than 60,000 people across 40 states and the District of Columbia and more than four-fifths of workers at these companies are hired locally.
It also said an overwhelming majority of workers who are employed at these companies are American citizens. India-based companies that have operations in the US have saved 2,585 jobs from being eliminated due to their acquisition of US firms and the value of these acquisitions since 2005 is $5.9 billion.
The relationship between the US and India has grown by leaps and bounds in recent years, Cornyn said.
Trade in goods and services between the United States and India has grown exponentially, creating countless economic opportunities for both our countries and providing US consumers with access to affordable goods, he added.
"Indian businesses have invested widely in the US economy in diverse sectors in the fields of services and manufacturing," Shankar said.
"They have generated and sustained thousands of direct and indirect jobs in the US economy and have contributed to the global competitiveness of US companies," she said.
CII organized a full day marathon of events, bringing together 25 member companies of the Indian Business Forum to highlight the investments and jobs created by Indian Inc in the US.
"This is CII's first major attempt in bringing together Indian companies with operations in the US, as a group, to interact with members of the US Congress.
What we want to do is highlight the range and depth of the US-India business relationship and to dispel some of the misconceptions attached to Indian companies," said Kiran Pasricha, deputy director general, CII.