Amazon to Boost India Investment to $26 Billion by 2030

Amazon plans to ramp up its investments in India to $26 billion by 2030, in another deal sealed following Prime Minister Narendra’s state visit to the US this week.

Amazon.com Inc made the announcement on Friday after CEO Andy Jassy met Modi in the United States.

Though Jassy gave no breakdown, the announcement follows Amazon’s cloud computing unit Amazon Web Services (AWS) saying last month it will invest 1.06 trillion rupees ($12.9 billion) in the country by the end of 2030.

Earlier, Amazon had announced a $6.5 billion investment plan, largely to boost its e-commerce business where it competes with Walmart’s Flipkart and billionaire Mukesh Ambani’s Reliance Retail.

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The e-commerce giant’s investment revealed during Modi’s trip follows similar announcements from US semiconductor toolmaker Applied Materials and memory chip firm Micron Technology, which also made commitments during the Indian prime minister’s state visit.

Modi and Jassy spoke about supporting Indian startups, creating jobs, enabling exports, digitisation, and empowering individuals and small businesses to compete globally, an Amazon blog post said.

Separately, Google will open a global fintech operation centre in GIFT City in India’s western state of Gujarat, with teams working on operations supporting its payment service GPay, and other product operations at Google, the company said in a statement.

“We shared Google is investing $10 billion in the India digitisation fund, and we are continuing to invest through that,” CEO Sundar Pichai told reporters in a video shared on Twitter by Reuters partner ANI company.

On the final day of his Washington trip, Modi met with US and Indian technology executives, including Apple’s Tim Cook, Google’s Pichai and Microsoft’s Satya Nadella and appealed to global companies to “Make in India”.

Reuters with additional editing by Sean O’Meara

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.