Washington: Quite contrary to the general impression that India was taking away American jobs through outsourcing, Indian businesses which have invested widely in the US economy in diverse sectors in services and manufacturing have created thousands of jobs in this country in recent years, according to a new study.
India-based companies have also continued to hire locally wherever they have put down roots, said the study by the Confederation of Indian Industry (CII), "Indian Roots, American Soil: A Look at Indian Companies in the US Economy" released on Capitol Hill Thursday.
The study, based on a survey of 35 CII-India Business Forum member companies, concluded:
-Since 2005, nearly two-thirds of Indian companies have added jobs to their US operations;
-Together, these 35 companies employ more than 60,000 people across 40 states and the District of Columbia;
-More than four-fifths of workers at these companies are hired locally;
-An overwhelming majority of workers who are employed at these companies are American citizens;
-India-based companies that have operations in the US have saved 2,585 jobs from being eliminated due to their acquisition of US firms;
-The value of these acquisitions since 2005 is USD 5.9 billion;
The companies represent sectors including pharmaceuticals, telecommunications, health care, energy, iron and steel and information technology.
"Indian businesses have invested widely in the US economy in diverse sectors in the fields of services and manufacturing," said Indian ambassador to the US Meera Shankar said at the CII event highlighting the jobs and investments created by Indian companies in the US.
"They have generated and sustained thousands of direct and indirect jobs in the US economy and have contributed to the global competitiveness of US companies," she said.
"This is CII's first major attempt in bringing together Indian companies with operations in the US, as a group, to interact with members of the US Congress," said CII Deputy Director General Kiran Pasricha.
"What we want to do is highlight the range and depth of the US-India business relationship and to dispel some of the misconceptions attached to Indian companies."
"We want the Congress to understand and appreciate the growing contributions of Indian companies to the US economy, and to US society," she said.
First Published: Friday, April 01, 2011, 09:38