Texas Leads In Indian Investments In US, Says Report
WASHINGTON, DC (IANS) – Investments by Indian companies in the US have almost doubled since 2020, says a seventh edition of an annual report put together by the Confederation of Indian Industry.
The number of Indian companies in the US went up by only 8, from 155 to 163, but the cumulative investments grew from $22 billion in 2020 to $40 billion in 2023.
Total US investments in India stood at $59.1 billion.
The state of Texas led the table with the largest chunk of Indian investments – $9.8 billion; followed by Georgia with $7.5 billion; New Jersey with $4.2 billion; New York $2.1 billion; and Massachusetts $1.4 billion.
These Indian companies, which include Mahindra, Tata Sons and Tata Consultancy Services, Infosys, and Welspun, are located across all 50 states and Washington DC and Puerto Rico and have made tangible investments in 40 states.
Together they employ over 425,000 people.
“In my travels across the US, I have been amazed to see what Indian companies have done to transform neighborhoods in the US,” said Taranjit Singh Sandhu, Indian ambassador to the US, at an event held on May 3 to release the report and welcome 250 delegates of a business delegation that has come to the US from India.
“Prospects for the future look bright with 83 percent of Indian companies reporting that they expect to invest more and 85% expect to hire more in the US in the next five years,” CII said in a statement.