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Bezos announces $1 bn investment to digitize Indian SMBs, Retail News, ET Retail


Bezos announces $1 bn investment to digitize Indian SMBs New Delhi: Jeff Bezos, the billionaire founder of e-commerce company, Amazon, said that it will invest incremental $1 billion towards digitizing the Indian small and medium businesses. The company aims to digitize 10 million MSMEs with this investment, helping Indian businesses grow by selling online worldwide.

“We’re committed to being a long-term partner of India. And actions speak louder than words,” said Bezos. “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. 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.”

Bezos who was in New Delhi for the Amazon Smbhav event and on the three day tour of India, also said that Amazon India will use its global footprints to export $10 billion worth of Make in India products by 2025.

“21st century is going to be the Indian century,” Bezos said amid loud cheers from of people attending the event at the capital’s Jawaharlal Nehru Stadium. “This country has something special,” he added.

Amazon CEO Bezos is in India this week and is scheduled to meet top government functionaries, business leaders and SMBs. Thousands of small-scale traders’ union under Confederation of All India Traders (CAIT) are planning to hold protests around the country during Bezos’ stay in India.

Also, India’s anti-trust body Competition Commission of India (CCI) on Monday ordered an investigation into alleged violations of competition laws by Amazon and Walmart-owned Flipkart.

Amazon and rival Flipkart have been pumping in millions of dollars across various operations like marketplace, infrastructure and supply chain management as well as marketing and promotion as they look to strengthen their position in the fledgling Indian e-commerce market.

For months, the organization of small traders has been very actively protesting against Flipkart and Amazon and CAIT accusing both the e-commerce giants of “unfair business practices” and violation of India’s FDI rules. The group has also blamed both the e-commerce giants for a slump in the businesses of traditional retail during Diwali season in October.

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