Indian foreign direct investment in the United States is significantly boosting the American economy, creating thousands of jobs, and driving research and development, as highlighted by a senior US official at the SelectUSA Investment Summit.
Key Points
- Indian foreign direct investment in the US totals approximately $16.4 billion, supporting about 70,800 jobs.
- Indian firms have invested $330 million in research and development in America, with a cumulative $313 million in R&D spending and $1.5 billion in exports.
- A 2023 CII report indicated higher Indian investments, around $40 billion, creating 4.25 lakh jobs, and $1 billion in US-based R&D projects.
- Indian companies are making growing contributions to the US economy by bringing in capital, strengthening supply chains, and supporting communities.
- Texas, Georgia, and New Jersey are the top three US states attracting the most reported FDI from Indian companies.
Foreign direct investment from India to the United States was approximately $16.4 billion, which supported about 70,800 jobs, a senior US official said.
Addressing a CII India Reception on the sidelines of the SelectUSA Investment Summit at National Harbour in Maryland on Monday evening, US Deputy Undersecretary (Policy and International Trade Administration) in the Department of Commerce, Brandon Remington, said Indian firms also spent $330 million on research and development in America.
Growing Indian Contribution to US Economy
"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.
A CII report released in 2023 had pegged Indian investments in the US in the range of $40 billion, which had led to the creation of 4.25 lakh jobs.
According to the 'Indian Roots, American Soil' report released by CII in 2023, Indian companies invested $one billion in US-based research and development projects and also contributed $195 million to corporate social responsibility projects.
Recent Investments and Future Outlook
Last week, India's Sun Pharmaceutical Industries Ltd announced a $12 billion deal to acquire New Jersey-based Organon & Co.
Nearly a dozen Indian companies are scheduled to make fresh investment announcements at the SelectUSA Investment Summit on Tuesday.
Delaware Governor Matt Meyer, Guam Governor Loun Leon Guerrero, Maryland Lt Governor Aruna Miller and a host of US officials and business leaders attended the CII India reception at National Harbour.
"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," Namgya Khampa, deputy chief of mission in the Indian Embassy, said.
She said in areas like advanced manufacturing, pharmaceuticals, energy, and many more sectors, Indian companies were supporting hundreds of thousands of jobs across the US, including in the Maryland-DC area.
According to the CII report, the top three states with the most reported FDI from Indian companies were Texas ($9.8 billion), Georgia ($7.5 billion) and New Jersey ($4.2 billion).
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