E-commerce giant Amazon on Wednesday announced a massive investment plan of US$35 billion (over ₹3.14 lakh crore) in India by 2030. The company is preparing to invest in many different segments of its business. Its objective is to promote digitalization, exports and employment based on Artificial Intelligence (AI).
Target of increased exports
Amit Agarwal, senior vice president, Amazon, said during the Amazon Smbhav Summit that the company aims to increase exports from India to US$80 billion from the current around US$20 billion. It also aims to generate employment for about one million people by 2030. “Amazon has invested US$40 billion in India since 2010. Now, we will invest another US$35 billion across our businesses in India by 2030,” Agarwal said.
Amazon’s investment plan is more than double that of Microsoft’s US$17.5 billion investment plan and almost 2.3 times that of Google’s US$15 billion investment plan. Aggarwal said the company has already invested US$40 billion in India. According to a report by ‘Keystone’, it is the largest foreign investor in India.
The company has already invested billions of dollars
In May 2023, Amazon also mentioned plans to invest US$12.7 billion in India by 2030 to develop its cloud and AI infrastructure in Telangana and Maharashtra. The company has already invested US$3.7 billion in India between 2016 and 2022. Aggarwal said the company has made large-scale investments in physical and digital infrastructure, including transportation networks, data centers, improving digital payment infrastructure and plans to improve technology. ‘Keystone’ reports that Amazon has digitized over 12 million small businesses and enabled total e-commerce exports of US$20 billion, while also creating approximately 2.8 million direct and indirect jobs across various industries in India by 2024.