Indian investment in US touches $11 bn, creates 100K jobs - Indian Express

PTI : Sun Jul 07 2013, 12:16 hrs Investment by Indian companies in the US has touched a record $11 billion and in the process has created more than 100,000 jobs, a study has revealed. 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 USD 200 million to nearly USD 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 USD 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. ... contd. ALSO READ Mutual funds withdraw Rs 13,000 cr from stocks in six months FIIs pull out Rs 4,500 cr from debt mkt in first week of July New Pension System top of the charts on subscribers, returns Markets continue upward march, Sensex soars 100 points Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGfn0Q2gfo8RFSrbt4qwggAPoEM3g&url=http://www.indianexpress.com/news/indian-investment-in-us-touches--11-bn-creates-100k-jobs/1138702/

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