Amazon pledges USD 35 bn investment in India by 2030

Amazon plans to invest USD 35 billion in India over the next five years to expand its businesses from quick commerce to cloud computing and artificial intelligence as the global supermajor doubles down on its presence in the worlds fastestgrowing economyThe investment by the US ecommerce giant comes a day after Microsoft pledged USD 175 billion in India for data centres AI and cloud infrastructure by 2030 Previously Google had committed USD 15 billion over the next five years to building AI data centresAmazon said its investments in areas such as artificial intelligence and logistics infrastructure through 2030 will help create an additional 1 million jobs in IndiaThe ecommerce giant is ramping up investment to compete with Walmartbacked Flipkart as well as homegrown giants like those of billionaire Mukesh Ambani and nearinstant delivery firms like Eternal Ltds Blinkt Swiggy Ltds Instamart and ZeptoAmazon has invested USD 40 billion in India since 2010 In 2023 it announced a USD 26 billion investmentThe fresh investment will help increase exports for sellers in India to USD 80 billion by 2030 from USD 20 billionThe investments it said are strategically aligned with Indias national priorities and will focus on expanding AI capabilities enhancing logistics infrastructure supporting small business growth and creating jobsWere excited to continue being a catalyst for Indias growth as we democratize access to AI for millions of Indians said Amit Agarwal head of emerging markets at AmazonMaking the announcement during the Amazon Smbhav Summit Agarwal said the company has set a target to quadruple exports from India to USD 80 billion from about USD 20 billion it has facilitated as of now and create an additional one million direct indirect induced and seasonal jobs by 2030Amazon to date has invested USD 40 billion in India since 2010Now we will invest another USD 35 billion by 2030 across all our businesses in India Agarwal saidAgarwal said the company has invested USD 40 billion in India to date and is the largest foreign investor in India according to a Keystone report compiled from publicly available dataIn May 2023 Amazon announced plans to invest USD 127 billion in India by 2030 into its local cloud and AI infrastructure across Telangana and MaharashtraThe company has already invested USD 37 billion in India between 2016 and 2022Agarwal said that the company has invested at scale towards building physical and digital infrastructure including fulfilment centres transportation networks data centres digital payments infrastructure and technology developmentAccording to the Keystone report Amazon has digitized over 12 million small businesses and enabled USD 20 billion in cumulative ecommerce exports while supporting approximately 28 million direct indirect induced and seasonal jobs across industries in India in 2024To push export growth from India Amazon launched a manufacturingfocused initiative Accelerate Exports designed to connect digital entrepreneurs with trusted manufacturers while enabling manufacturers to become successful global sellersAs part of the program Amazon will host onground onboarding drives in over 10 manufacturing clusters across India including Tirupur Kanpur and SuratAt the Smbhav summit Amazon announced a key partnership with the Apparel Export Promotion Council of India to expand and scale the program nationwideThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever