Amazon continues to push limits as the company makes plans to invest billions of dollars in India, amid its increasing competition with Walmart.
According to Reuter reports, the multinational e-commerce company plans to invest roughly $26 billion in India by 2030. This adds another $6.5 billion – a decision made after CEO Andy Jassy met Prime Minister Narendra Modi in the United States.
Amazon’s additional economic boost aims to increase its e-commerce business where Walmart’s Flipkart and billionaire Mukesh Ambani’s Reliance Retail currently take the lead.
Although Jassy did not share any specificities on the company’s spending plan for India, the CEO and Prime Minister spoke about “supporting Indian startups, creating jobs, enabling exports, digitization, and empowering individuals and small businesses to compete globally,” according to an Amazon blog post.
“We are working with renewed trust in areas of new and emerging technologies” Modi said. “We are resolving long pending and difficult issues in trade.”
“I had a very good and productive conversation with Prime Minister Modi. I think we share a number of goals. Amazon is one of the biggest investors in India. We have invested $11 billion to date and intend to invest another $15 billion, which will bring the total to $26 billion. So, we are very much looking forward to a future of partnering,” Jassy said on Friday.
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External Affairs Ministry spokesperson Arindam Bagchi said the prime minister held a productive meeting with the president and CEO of Amazon. “Discussions focused on the area of e-commerce and the potential of further collaboration with @amazon in the logistics sector in India,” Bagchi tweeted.
PM @narendramodi held a productive meeting with President & CEO of @amazon @ajassy.
Discussions focused on the area of e-commerce and the potential of further collaboration with @amazon in the logistics sector in India. PM welcomed @amazon’s initiative of promoting digitisation… pic.twitter.com/fz1SO915SW
— Randhir Jaiswal (@MEAIndia) June 23, 2023
According to PYMNTS, Walmart announced earlier in the year that Flipkart’s discounted resale product app Shopsy is expanding its numbers and geography throughout India, tripling its number of units, customers and sellers. To date, the app has been downloaded 175 million times.
In the meantime, Amazon and Walmart prepare to battle it out with dueling savings events next month, starting on July 11 with Amazon’s Prime Day. This will come one day after Walmart grants its Walmart+ members access to weeklong saving promotions.
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