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Investments by Indian companies in the US have almost doubled since 2020, says a seventh edition of an annual report put together by the Confederation of Indian Industry.

The number of Indian companies in the US went up by only 8, from 155 to 163, but the cumulative investments grew from $22 billion in 2020 to $40 billion in 2023.

Total US investments in India stood at $59.1 billion.

These Indian companies, which include Mahindra, Tata Sons and Tata Consultancy Services, Infosys, and Welspun, are located across all 50 states and Washington DC and Puerto Rico and have made tangible investments in 40 states.

Together they employ over 425,000 people.

"In my travels across the US, I have been amazed to see what Indian companies have done to transform neighborhoods in the US," said Taranjit Singh Sandhu, Indian ambassador to the US, at an event held Wednesday to release the report and welcome 250 delegates of a business delegation that has come to the US from India for SelectUSA's annual gathering to attract job-creating investments in the US by foreign companies.

"They not only create virtuous cycles of employment, investment and growth in the US; but go beyond - they support local communities and partner with schools and universities. India has always believed that success is to be shared; and sharing is success," Sandhu added.

The launch event was attended also by Eric Garcetti, the US ambassador-designate to India, Department of Commerce and local officials.

The state of Texas led the table with the largest chunk of Indian investments - $9.8 billion; followed by Georgia with $7.5 billion; New Jersey with $4.2 billion; New York $2.1 billion; and Massachusetts $1.4 billion.

"Prospects for the future look bright with 83 per cent of Indian companies reporting that they expect to invest more and 85% expect to hire more in the US in the next five years," CII said in a statement.

"Indian companies have not only supported US communities throughout the worst of the pandemic downturn - they have also continued to expand and ensure the competitiveness of US companies and local ecosystems during the recovery period that has followed. CII has published the survey-based report regularly to document the growing role of Indian FDI's in strengthening the bilateral India-US economic partnership."