Indian companies spent nearly $185 million on corporate social responsibility in America, said the seventh edition of the survey titled "Indian Roots, American Soil". Indian companies have emerged as massive employment creators in the United States (US), the largest trading partner of India. As many as 163 Indian companies have invested more than $40 billion in the US which has created nearly 4,25,000 jobs in the country, according to a survey released by the Confederation of Indian Industry (CII).
These companies spent nearly $185 million on corporate social responsibility in America, said the seventh edition of the survey titled "Indian Roots, American Soil".
The report was released on Wednesday by India's Ambassador to the US Taranjit Singh Sandhu in the presence of US Ambassador-designate to India Eric Garcetti. During the launch of the report, Sandhu said the Indian companies in the US bring strength, resilience, and competitiveness to America. "They create jobs, support the local communities, and build capacity and technical know-how. They create virtuous cycles of prosperity.”
The Indian ambassador said he was amazed to see what Indian companies had done to transform neighbourhoods in the US and to partner with schools and universities. "They not only create virtuous cycles of employment, investment, and growth in the US; but go beyond- they support local communities and partner with schools and universities," he said.
CII Director General Chandrajit Banerjee said the Indian companies had demonstrated their resilience and commitment to the US market, with increasing investments and job creation. "Their future plans to invest and hire more, further indicate a positive growth trajectory for the US-India economic relationship," he said.
According to the report, the top five states benefiting from jobs created by Indian companies are Texas (20,906 jobs), New York (19,162 jobs), New Jersey (17,713 jobs), Washington (14,525 jobs), and Florida (14,418 jobs). The highest investments went to Texas ($9.8 billion), Georgia ($7.5 billion), New Jersey ($4.2 billion), New York ($2.1 billion), and Massachusetts ($1.4 billion).
The report said that 85 per cent of the companies plan to make more investments in the US in the next few years and 83 per cent of the companies plan to hire more employees in the next five years.
The US emerged as India's biggest trading partner in FY 2022-23. The bilateral trade between both countries jumped by 7.65 per cent to $128.55 billion in 2022-23 as against $119.5 billion in 2021-22 and $80.51 billion in 2020-21. India enjoys a trade surplus with the US. In 2022-23, India's exports to the US rose by 2.81 per cent to $78.31 billion as against $76.18 billion in 2021-22, while imports grew by about 16 per cent to $50.24 billion.
(With inputs from PTI)