Indian firms go big in America: Pour in $16.4 bn, create over 70,000 jobs across US

Indian companies are strengthening their presence in the United States, pouring billions in investment, job creation and growing participation across key sectors, senior officials said at the SelectUSA Investment Summit in Maryland. At the CII India Reception held at National Harbour on Monday (local time), Brandon Remington, US Deputy Undersecretary (Policy and International Trade Administration) in the Department of Commerce, said cumulative foreign direct investment from India into the US stood at nearly $16.4 billion. “We are pleased to welcome your investment from India. According to available cumulative data, the total stock of foreign direct investment from India to the United States was approximately $16.4 billion, which supported approximately 70,800 jobs, $313 million in research and development spending and $1.5 billion worth of exports,” Remington said, without any reference to the period under review. Indian firms have also directed hundreds of millions of dollars into innovation in the US, with Remington citing research and development spending of $330 million. While the latest figures presented by the US official reflect cumulative available data, a Confederation of Indian Industry (CII) report published in 2023 had estimated Indian investments in the US at around $40 billion, linked to the creation of 4.25 lakh jobs. The same CII report, titled ‘Indian Roots, American Soil’, said Indian businesses had invested $1 billion into research and development projects in the US and spent $195 million on corporate social responsibility efforts. Fresh Indian investment announcements are expected to continue, with nearly 12 companies lined up to unveil new commitments at Tuesday’s SelectUSA proceedings. In one of the biggest recent moves, Sun Pharmaceutical Industries Ltd last week announced a $12 billion agreement to acquire New Jersey-based Organon & Co. Indian Embassy Deputy Chief of Mission Namgya Khampa said Indian businesses were expanding their role in strengthening the US economy. “Indian companies are also making a growing contribution to the US economy, bringing in capital, supporting jobs, strengthening supply chains, and contributing to communities across states,” she said. Khampa added that sectors including advanced manufacturing, pharmaceuticals and energy were seeing Indian firms support hundreds of thousands of jobs across the US, including in the Maryland-DC area. State-wise, the CII report identified Texas as the leading destination for Indian foreign direct investment at $9.8 billion, followed by Georgia with $7.5 billion and New Jersey with $4.2 billion. The reception was attended by Delaware Governor Matt Meyer, Guam Governor Loun Leon Guerrero, Maryland Lt Governor Aruna Miller, as well as US business leaders and officials.