Sunday, July 7, 2013
Indian investment in US touches $11 billion, helps create 1 lakh jobs: study
The report, 'Investing in America, How India Helps Create American Jobs' by the US India Business Council demonstrating the ways the US economy is benefiting from the successful bilateral and business relationship with India, is slated to be released during the USIBC' 38th Anniversary Leadership Summit on July 11.
In October last year, the US Deputy Secretary of State, William Burns, had said that between 2000 to 2010, the Indian direct investment in America grew from $200 million to nearly $5 billion. In his same speech he had said that Indian firms have helped create some 50,000 jobs in the US.
However, according to the latest USIBC study, Indian investment in the US "recently touched $11 billion, with as many as 100,000 American jobs created".
"The contribution of Indian businesses ... is expected to give a fitting reply to all those who have been calling for a trade war between the two countries," the study said.
During a Congressional hearing last month, several US lawmakers and business and trade representatives had urged the Obama Administration to impress upon India against what they alleged as are protectionist measures and discriminatory to the US businesses.
To address such concerns and to protect the interest of Indian companies in the US, which helps American businesses remain competitive in the global economy, the USIBC has launched the Coalition for Jobs and Growth (CJG).
"USIBC supports the free movement of technical professionals. This freedom of movement is essential to US job creation, and is at the heart of our future economic prosperity," USIBC president Ron Somers said at the time of the launch of the coalition in June.
"USIBC endorses immigration reform, but the legislation as currently written restricts a company's ability to source skilled talent, which hamstrings American competitiveness," Mr Somers added.
The USIBC-led Coalition for Jobs & Growth believes that an open American economy helps give the United States the influence it needs to ensure that other economies stay open as well, it said.