Amazon’s Jeff Bezos To Ivest $1Billion in Small Business Digitalization in India

Amazon founder and chief executive Jeff Bezos loves India as it the company’s most important overseas market.

At a conference on Wednesday, Bezos and Amit Agarwal, the head of Amazon India, announced that the American giant is pumping $1 billion into India to help digitize small and medium-sized businesses.

Bezos said the company is also eyeing making exports of locally produced products from India — in line with New Delhi’s Make in India program — to be of $10 billion in size on Amazon platform by 2025.

“Over the next five years, Amazon will invest an incremental US$1 billion to digitize micro and small businesses in cities, towns, and villages across India, helping them reach more customers than ever before,” said Bezos.

“This initiative will use Amazon’s global footprint to create US$10 billion in India exports by 2025. Our hope is that this investment will bring millions 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,” he added.

On the other side, Confederation of All India Traders (CAIT), a trade group that represents more than 60 million merchants in the country, said it is organising protests in 300 cities in India. A representative of the trade group said they want to publicise the alleged predatory pricing and other anticompetitive practices employed by Amazon and Flipkart.

On Monday, India’s Competition Commission opened an antitrust probe into Amazon and Walmart-owned Flipkart to find whether the two e-commerce giants have exclusive arrangements with smartphone vendors and are giving preferential treatment to some sellers.

According to industry estimates, e-commerce still accounts for just 3% of retail sales in the country.

News Source: Techcrunch

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