Amazon CEO to invest $1 Billion in India for digitising SMBs

Amazon CEO Jeff Bezos announced that they are investing $1 billion or Rs. 7089 crores in India in digitalizing the small and medium businesses. He said this in the event, Amazon Smbhav, which was focused on Small and Medium Business in New Delhi on Wednesday.

Amazon also announced that it plans to export $10 billion(Rs. 70,890 crores) worth Indian goods by 2025. They initially have 500,000 Indian sellers. This two-day event was participated by 3000 SMBs on its first day. Jeff Bezos last visited India in 2014.

Amazon CEO to invest $1 Billion in India for digitising SMBs
Amazon CEO to invest $1 Billion in India for digitizing SMBs

“Today, we’re announcing that we’re going to invest, an incremental $1 billion (Rs. 7,086.8 crores) in digitizing small and medium businesses,” Bezos said in the talk session with Amit Agarwal, the global senior vice president and country head of Amazon India. The new $1 billion investment will be in addition to the already existing $5.5 billion in the country.

As mentioned above, Jeff Bazos announced in Amazon Smbhav that they are going to use Amazon’s global footprint to export the locally produced goods from India to other parts of the world, and they plan to exports the goods worth $10 billion by 2025.

During the interview, Bezos also stated that “We’re committed to being a long-term partner of India. And actions speak louder than words. Over the next five years, Amazon will invest an incremental $1 billion to digitize micro and small businesses in cities, towns, and villages across India, helping them reach more customers than ever before. This initiative will use Amazon’s global footprint to create $10 billion in India exports by 2025. Our hope is that this investment will bring millions of more people into the future prosperity of India and, at the same time, expose the world to the ‘Make in India’ products that represent India’s rich, diverse culture.”

Bezos later paid homage to Mahatma Gandhi in Raj Ghat in New Delhi and then tweeted about it.