Amazon Sets Ambitious Goal: Plans to Invest $26 Billion in India by 2030
In a significant move, Amazon.com Inc has announced its plans to increase its investments in India to a whopping $26 billion by 2030. The announcement comes after CEO Andy Jassy’s meeting with Prime Minister Narendra Modi during his visit to the United States. This latest commitment includes an additional $6.5 billion in planned investments, building upon Amazon’s previous investment plans.
Although the details of the investment breakdown were not provided by Jassy, this development follows Amazon Web Services’ (AWS) recent announcement of its intention to invest $12.9 billion in India by the end of 2030. It is important to note that Amazon’s investments in India have primarily focused on strengthening its e-commerce business, where it faces competition from rivals such as Walmart’s Flipkart and Mukesh Ambani’s Reliance Retail.
The latest commitment of $6.5 billion further demonstrates Amazon’s dedication to the Indian market. This announcement aligns with the trend of other companies, including Applied Materials and Micron Technology, making investment commitments during Prime Minister Modi’s visit to the United States.
During their meeting, Prime Minister Modi and CEO Jassy discussed various areas of collaboration, including support for Indian start-ups, job creation, promoting exports, digitization, and empowering individuals and small businesses to compete on a global scale. The discussions emphasized the shared goals of Amazon and the Indian government in fostering innovation and driving economic growth.
In related news, Google also revealed its plans to establish a global fintech operation center in GIFT City, located in the western state of Gujarat, India. The center will focus on supporting operations for Google’s payment service GPay and other product operations.
Both Amazon and Google’s investment announcements underscore the growing importance of India as a strategic market for global tech giants. Prime Minister Modi’s meeting with top executives from Apple, Google, and Microsoft further emphasized the government’s commitment to attracting foreign investment and promoting the “Make in India” initiative.
As Amazon significantly increases its investments in India, it is expected to further solidify its presence in the country’s rapidly expanding e-commerce landscape and contribute to India’s digital transformation.