Indian Companies Invested a,[sup.1]664 Billion in US, Created 100,000 Jobs.
A US-based business advocacy organisation has found different ways through which the US economy is benefiting from its bilateral and business relationship with India.
Between 2000 and 2010, the Indian direct investment in America grew from $200 million to nearly $5 billion, US Deputy Secretary of State William Burns had said in October 2012. He had also mentioned that India had helped create 50,000 jobs in the US.
However, the latest study by US India Business Council (USIBC), which they will launch on 11 July, affirms that investment grew by more than a[sup.1]663 billion and created double the number of jobs.
US unemployment rate is stuck at 7.6 percent despite creation of 195,000 in June this year. Whereas India's unemployment rate increased to 3.8 percent during last fiscal.
"The United States is one of India's largest trade and investment partners. US- India bilateral trade in goods and services has increased four and a half times over the last decade, to more than $86 billion in 2011. Bilateral trade between our two countries is up 40 percent since we began our Strategic Dialogue three years ago. The stock of Indian FDI in the United States has increased from $227 million in 2002 to almost $4.9 billion in 2011, supporting thousands of US jobs," US state department stated in December last year.
But US lawmakers and business and trade representatives had urged the Obama administration last month to impress upon India against protectionist measures that are discriminatory to US businesses.
USIBC launched the Coalition for Jobs and Growth (CJG) to protect the interest of Indian companies in the US and help American businesses to remain competitive in the global economy.
"USIBC endorses immigration reform, but the legislation as currently written restricts a company's ability to source skilled talent, which hamstrings American competitiveness," USIBC President Ron Somers told PTI at the time of the launch of the coalition in June.
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|Publication:||International Business Times - US ed.|
|Date:||Jul 7, 2013|
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