In a fresh installment of the bi-annual “Indian Roots, American Soil” report, the Confederation of Indian Industry (CII) has revealed that Indian companies invested over $22.6 billion in the US while generating job opportunities for at least 120,000 people.
For the survey, CII compiled findings from 155 companies operating in the US.
Texas, New Jersey, and New York were the top three American regions that bagged Indian investments of $9.4 billion, $2.4 billion, and $1.79 billion respectively. Massachusetts and California together, along with Missouri also attracted capital from Indian firms amounting to $858 million and $595 million.
Indian companies in sectors including Information Technology (IT), telecommunications, manufacturing, and automotive like TCS, Wipro, and Mahindra paved the way for substantial investment avenues from India in the US. Life sciences, pharmaceuticals, and healthcare companies from India also contributed to the US economy.
“Indian Americans have made so many important cultural, economic and scientific contributions to our country and Texas values your hard work and innovation. So keep up the good work", media reports quoted John Corny, the senior Republican senator from Texas who co-chairs the India caucus in the senate, as saying.
Indian IT companies have set up over 1,000 global delivery centres in about 80 countries across the world and most of these centres are in the US.
The US grants 85,000 work visas annually, of which nearly 70 percent are taken by Indians, according to United States Citizenship and Immigration Services (USCIS) data for 2017.
At the time, the USCIS noted that of the 3.4 million H-1B visa (non-immigrant visa) applications filed in the decade to 2017, Indian applications made up around 2.2 million.
Due to President Donald Trump’s temporary ban on immigration in light of the pandemic-caused economic crisis, Indian IT firms are at a risk of losing around 3 percent of revenue from the US this year.