April 26, 2012
WASHINGTON: Indian companies operating in 40 American states have invested over $820 million in manufacturing facilities in the US, creating thousands of jobs, according to the 2012 India Business Forum (IBF) survey.
April 26, 2012
WASHINGTON: Indian companies operating in 40 American states have invested over $820 million in manufacturing facilities in the US, creating thousands of jobs, according to the 2012 India Business Forum (IBF) survey.
The survey "Indian Roots, American Soil: Adding Value to US Economy and Society", released by the Confederation of Indian Industry (CII) at a reception on Capitol Hill Wednesday, highlights the significant economic and social impact made by Indian companies on American communities.
The reception was attended among others by the four co-chairs of the India Caucus on the Senate and House side: Senator John Cornyn, Senator Mark Warner, Congressman Joseph Crowley and Congressman Ed Royce.
"The rapidly expanding India-US trade and economic engagement provides a key underpinning to the strategic partnership between our two countries," said Nirupama Rao, India's ambassador to the US.
"Our aim, through the India Business Forum, is to highlight the range and depth of Indian investments in the United States and also to try and dispel some of the misconceptions associated with Indian companies," said Sandhya Satwadi, director and head, CII.
Key findings:
* 70 per cent of surveyed companies have increased the number of employees since 2005, despite the US economic downturn;
* More than 34 per cent of the surveyed companies have established manufacturing facilities in the US, investing more than $820 million in those facilities;
* Since 2005, the surveyed companies have collectively conducted 72 mergers and acquisitions in the US, saving, creating and sustaining thousands of jobs;
* Their collective revenues for 2010-2011 were more than $23 billion
* Projected research and development investments of the surveyed companies are estimated to be over $190 million in 2012 alone; and
* Nearly 65 per cent of companies surveyed engage in Corporate Social Responsibility (CSR) initiatives,
* These include programmes that support 27 universities, community colleges and high schools in developing curriculum, establishing training programmes and encouraging Science-Technology-Engineering-Mathematics (STEM) education.
CII's survey respondents, consisting of 36 Indian companies, represent sectors including education, financial services, healthcare pharmaceuticals and life sciences, information technology, manufacturing, media and telecommunications.
Courtesy: PTI
