As India attempts to thaw its business environment and attract the interest of foreign companies, a hundred Indian firms have together made investments worth more than $15 billion in America, according to the findings of a new survey by the Confederation of Indian Industries and audit firm Grant Thornton International Ltd.
The findings, which were released in a report titled “Indian Roots, American Soil” on Tuesday, suggest that Indian companies in the U.S., most operating in the information-technology sector, have created thousands of jobs there and show a growing interest in hiring more American workers in the next few years.
Indian outsourcing companies in the U.S. have in recent months been criticized for depending too much on foreign staff — H1-B visa holders – instead of hiring locals.
The 100 Indian companies surveyed are spread across all 50 U.S. states, the report said. Here are the main numbers from the report.
The survey says Indian firms have created more than 91,000 jobs in the U.S., most of them concentrated in New Jersey, where they have hired over 9,000 people. In California, more than 8,000 people work for Indian companies.
The total value of tangible investments – for example in real estate or equipment — made in the U.S. by the surveyed companies. Texas has received the largest amount — almost $3.85 billion from 17 Indian companies, most in the information-technology and telecom sectors. The report didn’t give a timeframe for these investments.
The percentage of surveyed companies that do information-technology business is 40%. The report also highlights the emergence of Indian companies in the pharmaceutical and manufacturing sectors, which each accounted for 14% of the firms surveyed.
That’s the proportion of companies in the survey that plan to make more investments in the U.S. in the next five years. California, New Jersey, New York and Texas are the “most promising states for expected future investment,” the report said.
The forecast for hiring local U.S. employees is also encouraging, the survey reveals. Almost 90% of the companies responded positively when asked if they foresaw hiring locally in the coming five years.
via Indian Companies Invest Billions, Create Thousands of Jobs in the U.S. – The Numbers – WSJ.