Indian Companies Invested $17B In USA, Generated 81000 Jobs!
As per a recent a recent survey by CII (Confederation of Indian Industry), it has been revealed that Indian companies collectively invested whooping $17 billion in the USA and generated close to 81,000 jobs in diversified sectors.
In 2013, CII surveyed 68 companies spread across 40 American states and found that the largest concentration of Indian companies are in New Jersey, California, New York, Texas and Illinois.
The report titled ‘Indian Roots, American Soil: Story of Indian Companies, growing impact on the US economy’ said that, “According to the survey, the collective investments amount to a whopping $ 17 billion as of today and together they generate employment for more than 81,000 people in the United States.”
Presence of Indian Companies Across United States
The TATA Group remains one of the biggest Indian employers in US as they have provided jobs to more than 20,000 Americans, spread across 30 states.
Mahindra, another big Indian company has generated 3000 jobs for Americans in California, Georgia, Kansas, Pennsylvania, Tennessee and Texas and have some major expansion plans soon.
ESSAR America said that they are planning to invest $3 billion for mining exploration in Minnesota if the state laws allow them to invest.
Presence of Indian Companies in USA, across Industries
As per US Department of Commerce, India has been ranked among the top 10 countries which have made maximum Foreign Direct Investment or FDI inside USA. And as a compliment, Reserve Bank of India has confirmed that US is among top 5 importers of Indian talent and skills along with capital.
The report further adds, “All of these factors point to the growing prowess of Indian industry in the United States, in terms of investments, job creation and thus, overall economic impact. The US-India economic relationship is certainly poised for further growth, though awaits more impetus.”
USA is right now in the midst of a very peculiar phenomenon called “Reverse Outsourcing” as more and more Indian companies are opening their offices in USA to bring down the costs involved in operations and to hire the best American talent. Often India has been held responsible for snatching away American jobs as the term “Bangalored” became quite popular, negatively.
In 2012, NBC news had researched the reasons behind this reverse outsourcing trend in US and found out some reasons which make it completely feasible and profit-oriented. As per the research, more than 3 million jobs would be created by this phenomenon in US in the next decade.
And India has just started the trend!