Indian companies among top drivers of FDI in United States
Indian companies have invested $15.3 billion in the United States, with Texas being the top destination, and created 91,000 jobs, according to report released on Tuesday.business Updated: Jul 15, 2015 23:28 IST
Indian companies have invested $15.3 billion in the United States, with Texas being the top destination, and created 91,000 jobs, according to report released on Tuesday.
The report, prepared by Confederation of Indian Indus­try and auditing firm Grant Thornton, also found that Indian companies were present in all 50 states of the US.
These 100 companies have created 91,000 jobs directly and many more indirectly through interlinkages and support operations, as is always the case.Most of the investments are in IT, IT-enabled services and telecom as much as 40% but the report noted a growing interest in life sciences, manufacturing and automotive sectors.
The report was based on a survey of 100 Indian companies, which, CII and Indian officials said, was not the totality of all Indian businesses in US — there is no count of it.
But the story told by these 100 companies was compelling enough for a large number of US lawmakers to show up at the report’s release on Capitol Hill, and bait each other.
“We are coming after you Texas,” called out Ami Bera, Democratic member of the House of Representatives from California, which clocked in at number 10.
“Good luck,” said Pete Sessions, a Republican member of the House from Texas, who looked clearly pleased about his state coming first. And so did other lawmakers from there.
“We like being number one,” said John Cornyn, a senior Republican senator from Texas, who co-founded the chamber’s India caucus with then senator Hillary Clinton.
India is the eighth fastest growing source of foreign direct investments into the US, according to the SelectUSA section of the country’s department of commerce.
Some Indian companies with operations in the US face an image problem — especially those in IT and IT-enabled services. They are seen as replacing local hires with Indians on H-1B visas.
Businesses and Indian officials have long felt a need to counter that perception with a report such as this that highlights the jobs Indian businesses create here instead.
First Published: Jul 15, 2015 22:55 IST