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Indian firms invest $15 bn in US, employ over 90,000

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Washington: India-based companies have invested over $15 billion across the US, creating an estimated 91,000 jobs, according to a new report released by the Confederation of Indian Industry (CII) and Grant Thornton (GT).

New Jersey, California, Texas, Illinois and New York are home to the most Americans directly employed by Indian companies, according to the report, “Indian Roots, American Soil” released here Tuesday at an event on the Capitol Hill.

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Texas, Pennsylvania, Minnesota, New York, and New Jersey have the highest foreign direct investment (FDI) from Indian companies, says the report which for the first time provides a state-by-state breakdown of tangible investments made by Indian firms.

The event highlighting the contributions of Indian companies to the US economy was attended by several members of the US Congress and a delegation of CII member-company CEOs from India.

“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,” said Indian Ambassador Arun. K. Singh.

“The CII study draws attention to the growing contribution and influence of the Indian industry, which forms an important component of our growing and vibrant relationship with the United States,” he said.

“As India surges forward to become the fourth fastest growing source of FDI into the US, it is critical that we recognize the positive impact of Indian business investments in the country,” said Senator Mark Warner, Democratic co-chair of Senate India Caucus.

“I believe that growing the economic partnership between India and the US will benefit both economies,” said Ami Bera, the only Indian American currently serving in Congress and co-chair of the Congressional Caucus on India and Indian Americans.

“The Indian American community and Indian American business owners have been a critical part of the economic and social fabric of the nation,” he said.

Highlights:

  • Together, 100 Indian companies employ more than 91,000 people across 35 states and the Washington DC, the American capital.
  • The total value of tangible investments made by these 100 companies exceeds $15.3 billion.
  • The top five states in which Indian companies have generated maximum employment are: New Jersey (9,278 jobs), California (8,937 jobs), Texas (6,230 jobs), Illinois (4,779 jobs) and New York (4,134 jobs).
  • The top five states in which Indian companies have contributed the highest foreign direct investment are: Texas ($3.84 billion), Pennsylvania ($3.56 billion), Minnesota ($1.8 billion), New York ($1.01 billion) and New Jersey ($1 billion).
  • The average amount of investment received from Indian companies per state is $443 million.
  • 84.5 per cent of the companies plan to make more investments in the US.
  • 90 per cent of the companies plan to hire more employees locally in the next five years.

(IANS)

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Medical online startups attracting foreign patients to India

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Image source: keweenawhealth.com

New Delhi: India, ‘the pharmacy of the developing world’, sees foreign patients flocking to the country due to its specialised and cost-effective medical care. This has resulted in the mushrooming of online startups that help foreign nationals find the best treatment in the country.

One such medical tourism start-up, PlanMyMedicalTrip.com, which was started nine years back, is now serving as a one-stop solution provider for foreign medical tourists.

“We have patients coming in from all over the world. However, Africa, GCC (Gulf Cooperation Council) and CIS (Commonwealth of Independent States) regions contribute towards the sector by as much as 30 percent of the total inflow,” said Anurav Rane, CEO, PlanMyMedicalTrip.com.

“There are a lot of different medical and surgical options for medical tourists coming to India. Primarily, medical tourists get elective procedures done such as cosmetic surgery, hip and knee replacements, dental procedures and infertility treatments,” he told reporters.

According to a white paper by the Confederation of Indian Industry (CII) and Grant Thornton, the Indian medical tourism market is set to touch $8 billion by 2020, up from the current $3 billion.

Saed Saber from Egypt recently came to India for knee replacement. “I wanted to get my knee replacement done but was confused as to how I should go about it. Since options in my country are limited with a high price tag for treatment, I started exploring for options, that is when I came to know about PlanMyMedicalTrip.com,” he said.

Saber visited PlanMyMedicalTrip.com to get his queries answered. “I got to know several options for hospitals across India and also got all the necessary procedures sorted for me in no time,” he told reporters.

IndiaHealthCareTourism.com, inaugurated recently by Prime Minister Narendra Modi, is an initiative by the government to boost healthcare tourism. It is a web portal that helps and guides the patients who are looking for treatment options in India. It lists 93 topmost medical centres, 30 Ayurveda and wellness centres and one special category centre.

Another online venture, Medi Connect India, deals with the latest technologies like IVF (infertility), robotics surgeries, stem cell therapies, etc.

“The main reason behind India becoming a hub for medical tourism for foreigners is cost-effectiveness. Here in metro cities, you would get world-class treatment under the best doctors in a much cheaper way than what they would end up paying in their respective countries,” Shalini, assistant team lead, Medi Connect India, told reporters.

“In countries like Africa, a lot of modern treatments and good doctors are not available and hence they find India a good destination for medical reasons. Here, the best treatments are available with no waiting time in the company of highly-qualified doctors,” she added.

Medi Connect India has won the “National Tourism Award” for two consecutive years for excellence in medical tourism.

To serve foreign nationals better, most of the top-rated hospitals in India have also hired language translators to make patients, especially from Balkan and African countries, feel comfortable and help facilitate their treatment.

According to the CII-Grant Thornton white paper, Chennai, Mumbai, Andhra Pradesh and Delhi-NCR are the most favoured medical tourism destinations for foreigners who avail treatments in India.

Cost is a major driver for nearly 80 percent of medical tourists across the globe, it added.

The cost factor and availability of accredited facilities have led to the emergence of several global medical tourism corridors like Singapore, Thailand, India, Malaysia, Taiwan, Mexico and Costa Rica- and India appears to have taken a lead. (Vivek Singh Chauhan, IANS)

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‘India-US will help each other grow in a dynamic global marketplace’ – Arun K. Singh

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Image from indiaopines.com

By Arun Kumar

Washington: India’s lowering of barriers to investment and encouraging business expansion will help US and Indian companies to further increase their presence in each other’s country, according to Indian ambassador Arun K. Singh.

Image from indiaopines.com
Image from indiaopines.com

“The exchange is good for both nations and should be encouraged,” he said in a blog post in The Hill, a top US political website, noting the two are “economic powerhouses that are helping each other grow in a dynamic global marketplace.”

“We have a stake in each other’s economic future – and that future is very bright,” Singh said citing a new report about Indian companies pouring investment dollars into businesses in the US and creating tens of thousands of American jobs.

The report from the Confederation of Indian Industry and the accounting firm Grant Thornton reveals that not only is Indian investment in the US large, it’s also extremely widespread and clearly growing, he noted.

The 100 Indian-based companies surveyed for the study have made an aggregate $15.3 billion investment in their US operations and created 91,000 jobs in the US, “which by any measure is a substantial contribution to the American economy,” Singh wrote.

The US isn’t just a favoured destination for the time being; it is likely to remain attractive for Indian investors for years, he wrote citing the survey, he said.

“These substantial investments are also a testament to the trust and openness that India and the US enjoy both at the people-to-people and government-to-government levels,” Singh said.

Noting that India, according to Select USA, is now the fourth-fastest growing source of foreign direct investment into the US, he said, “the significant and growing contributions of Indian investments in the US remain a vital component of the bilateral relationship.”

American firms have long been major investors in India, but efforts by Prime Minister Narendra Modi to make economic growth a hallmark of his administration have accelerated US investment there, he said.

India has been lowering barriers to investment and encouraging business expansion, Singh said noting the Indian government has over the past year raised limits on foreign investment in sectors such as insurance, medical devices, railways and defence.

“This will no doubt provide myriad opportunities for US companies to increase their presence in India and will strengthen Indian companies so that they can enlarge their footprint in the US,” he wrote.

(IANS)