Amazon Commits $6.5 Billion Investment Boost in India
Amazon's CEO Andy Jassy announces plans to invest an additional $6.5 billion in India, discussing opportunities with Prime Minister Narendra Modi.
Amazon.com Inc revealed its intention to increase investments in India to $26 billion by 2030, with an added $6.5 billion earmarked for new ventures. The announcement follows a meeting between CEO Andy Jassy and Prime Minister Narendra Modi during their encounter in the United States.
While no specific details were provided, this announcement aligns with Amazon Web Services (AWS) recent statement of investing INR 1.06 trillion ($12.9 billion) in India by 2030. The e-commerce giant's initial investment plan of $6.5 billion, focused on strengthening its presence in the competitive e-commerce market against rivals Walmart's Flipkart and Reliance Retail, has now been supplemented by this additional commitment of $6.5 billion.
Furthermore, Amazon's investment pledge joins a list of other companies, including Applied Materials and Micron Technology, who have also made substantial commitments during Prime Minister Modi's visit to the United States.
During their meeting, Modi and Jassy discussed several key areas of cooperation, including support for Indian startups, job creation, digitalisation and enhancing global competitiveness for individuals and small businesses. An Amazon blog post highlighted the shared focus on empowering Indian entrepreneurs and enabling international trade.
Separately, Google announced plans to establish a global fintech operation centre in India's GIFT City, Gujarat. The centre will be responsible for managing various operations, including Google's payment service GPay. Sundar Pichai, CEO of Google, confirmed that the company remains committed to investing $10 billion through the India digitisation fund.
On the final day of his trip to Washington, Prime Minister Modi engaged with prominent U.S. and Indian technology executives, such as Tim Cook from Apple, Sundar Pichai from Google and Satya Nadella from Microsoft. During the discussions, Modi urged global companies to consider investment opportunities and "Make in India."
Amazon commits an additional $6.5 billion investment in India, totalling $26 billion by 2030.
CEO Andy Jassy's meeting with Prime Minister Narendra Modi prompts the announcement.
The investment focuses on strengthening the e-commerce business in competition with Flipkart and Reliance Retail.
Google to establish a fintech operation centre in India's GIFT City, investing $10 billion in the country's digitisation fund.
Prime Minister Modi meets with prominent technology executives, including Apple, Google and Microsoft, advocating for investments in India's market.