155 Indian companies create nearly 125,000 jobs in US: CII report

Texas, California, New Jersey, New York and Florida are home to the greatest number of workers in the US directly employed by the reporting Indian companies, the report said

As many as 155 Indian companies have invested $22 billion in the US, thus creating nearly 125,000 jobs in the country, according to a report issued by the Confederation of Indian Industries (CII) on Monday.

The report, Indian Roots, American Soil 2020, is a state-by-state breakdown of tangible investments made and jobs created by 155 surveyed Indian companies doing business in all 50 states, as well as Washington, DC, and Puerto Rico. Texas, California, New Jersey, New York and Florida are home to the greatest number of workers in the US directly employed by the reporting Indian companies, the report said.

Indian-Americans have made so many important cultural, economic and scientific contributions to our country and Texas values your hard work and innovation. So keep up the good work! said Senator John Cornyn, who is also co-chair of the Senate India Caucus. CII said that the surveyed companies disclosed the highest amounts of foreign direct investment (FDI) in Texas, New Jersey, New York, Florida, and Massachusetts…Read More

Suresh Prabhu as commerce minister: Infra man has to kick-start industrial growth

On agenda will be at least 16 free trade agreements that India is negotiating with nations

 

 

Suresh Prabhu, who offered to resign as Railway Minister following a spate of accidents, has perhaps been given the benefit of doubt for his sterling record as power minister in the Atal Bihari Vajpayee government.

The Rajya Sabha member of Parliament from Andhra Pradesh, who has been given charge of the commerce and industry portfolio, will now have to play a key role in using exports as an engine for growth and come up with a new industrial policy that will offer a road map and practical solutions to the industrial sector that is reeling under the impact of demonetisation.

The challenges are many as the previous commerce and industry minister, Nirmala Sitharaman, who has moved on to defence, has had an indifferent track record. The three years of her tenure at the commerce and industry ministry saw merchandise exports fall to $274 billion in 2016-17, after reaching $310 billion in 2014-15 and $262 billion in 2015-16.

“Every responsibility of the government is important and this is my ninth Cabinet-level position,” Prabhu said after Sunday’s reshuffle. His new task would be to ensure rapid economic growth of the country, he said.

Officials point to a slowdown in the global trade growth, apart from a crash in prices of raw materials like processed petroleum, industrial metals and meat, which India exports heavily. Domestic exporters, however, say the issue of falling competitiveness, loss of foreign market for strong sectors like apparel and engineering goods and a growing trade gap with China are more serious concerns. (Read more)