India, often accused by American politicians of hijacking jobs from Buffalo to Bangalore, has actually created about 60,000 jobs in the US in the last five years with investments topping $26.6 billion, says a new study.
These investments included 372 acquisitions worth $21 billion by 239 Indian companies and 127 greenfield investments worth $5.5 billion between 2004 and 2009, said the report, How America Benefits from Economic Engagement with India, released on Tuesday by Congressman, Mr Jim McDermott.
The joint study by University of Maryland, India-US World Affairs Institute and Federation of Indian Chambers of Commerce and Industry (FICCI), showed that the 127 greenfield investments where a parent company starts a new venture from the ground up, also created 16,576 jobs.
The top three states for greenfield investments were Minnesota, Virginia and Texas and the top three states for jobs created were Ohio, Texas, and California, the report said. Georgia, New Jersey, Michigan, California, and Texas. were states that got most investments through mergers and acquisitions.