At the annual U.S. India Business Council (USIBC) gala, Amazon chief Jeff Bezos said the company will invest an additional $3 billion in its India operations, bringing its total investment in the country to more than $5 billion.
“We have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy,” The Indian Express reported Bezos as saying. “Our Amazon.in team is surpassing even our most ambitious planned milestones.”
India is on track to see substantial population and economic growth in the coming years and everyone knows it. Major sourcing companies are betting bigger on India for manufacturing, tapping into its abundant natural resources, and retailers are looking to capitalize on its quickly growing consumer base.
More than that, Amazon wants to wiggle its way into Flipkart territory, taking more of the 40-plus percent market share India’s largest e-commerce site currently holds.
Other companies are keen on India, too. USIBC chairman John Chambers said in less than two years, roughly 20 percent of the organizations member companies (which number in the hundreds and include Walmart, Target, Uber and Airbnb) have invested $28 billion in India.
“Over the next 2-3 years, we se this pace accelerating, again with about 20 percent of our member companies reporting, indicating that USIBC members are on track to invest an additional $45 billion, which is a conservative estimate,” Chambers said, according to India Express.
Many owe this growth to Prime Minister Narendra Modi and his efforts to implement a more “Digital India.”
“I’ve had the opportunity to meet many government leaders around the world and I believe that Prime Minister Modi’s total approach in India—encompassing Digital India, skills, innovation and entrepreneurship—will ensure India remains the fastest growing economy over the next five years and provide inclusive growth, create new jobs and increase the standard of living for its citizens,” Chambers told India Express. “Prime Minister Modi has rapidly become the model for not just the developing countries, but the entire world.”