Minnesota A Top State For Investment From India
India might seem distant, being 7,800 miles away from the heart of Minnesota, but its business ties are very strong, according to a new report on Indian investment in the United States.
The Confederation of India Industry, a New Dehli-based advocacy group that promotes the country’s industrial development, said Minnesota has attracted more than $1.8 billion and created 2,500 jobs as a direct result of investment from India-based companies.
The numbers are enough to rank Minnesota third among states in investment dollars pouring in from the country. Only Texas and Pennsylvania rank higher. Overall, Indian companies have invested $15.3 billion and created 91,000 jobs across the United States, the report said.
“The Indian industry is making a significant contribution to the US economy, investing billions of dollar and creating thousands of jobs across states and sectors,” India’s ambassador, Arun Singh, said in a statement. “Today, Indian companies are not just investing and creating jobs, they have also become significant stakeholders in the growth and prosperity of their local communities.”
In total, six Indian companies are operating in Minnesota today. The majority of them—including TATA Consultancy Services, Infosys, Wipro and ITC Infotech—are in the IT and telecom industry. Another company, Essar, is involved in the materials and manufacturing sector.