Indian firms invested $15 billion across the US and created over 91,000 jobs last year

In 2014, 100 Indian firms invested over $US15 billion across all 50 states in the US creating more than 91,000 jobs, according to a report by the audit and consultancy firm Confederation of Indian Industry and Grant Thornton.

The three states which benefited the most from the investments were Texas with $US3.84 billion, Pennsylvania with $US3.56 billion and Minnesota with $US1.8 billion.

The states where the most job were created were New Jersey with 9,300 jobs, California with 8,400 and Texas with 6,200.

The jobs created are mainly in IT and telecom (40%) but also in pharmaceuticals and healthcare (14%), mining and manufacturing (14%), and financial services (6%).

Over 84% of the companies plan to invest more over the next fiver years and 90% of the companies plan on hiring more people over the same period, according to the report.

The most tangible investments are spread across 35 US states, with the average amount of investment received per state being $US433 million. The investments range from a minimum of $US65,000 to a maximum of $US3.85 in Texas where 17 of those Indian firms are present.

“The results of the survey point toward a particularly positive trajectory, with companies growing increasingly diversified and geographically dispersed across the length and breadth of the country,” the report said.
India is currently the fourth fastest growing source of foreign direct investment in the US, Quartz reports.

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