Amazon.com Inc has announced its intention to bolster its investments in India, vowing to inject a staggering $26 billion into the country by 2030.
This ambitious plan was unveiled after a momentous meeting between Amazon CEO Andy Jassy and Indian Prime Minister Narendra Modi during the latter’s visit to the United States.
While specific details of the investment breakdown remain undisclosed, this announcement comes on the heels of Amazon Web Services (AWS) affirming its commitment to invest a substantial $12.9 billion in India by the end of the next decade.
In light of this recent announcement, Amazon’s total planned investment has now surged by an additional $6.5 billion. Prime Minister Modi’s visit has been a catalyst for attracting numerous other industry giants, such as Applied Materials and Micron Technology, who have also pledged significant commitments during this crucial diplomatic encounter.
Investors King understands that during their meeting, PM Modi and CEO Jassy discussed various topics crucial to India’s growth and development. Their talks encompassed extending support to Indian startups, job creation, facilitating exports, driving digitalization, and empowering individuals and small businesses to compete on a global scale.
Not to be outdone, Google (GOOGL.O) has also joined the investment wave, declaring its intention to establish a global fintech operation center in India’s prestigious GIFT City, situated in the state of Gujarat. The center will primarily focus on supporting Google’s payment service, GPay, and other product operations.
CEO Sundar Pichai confirmed Google’s ongoing commitment to India, stating that the company will continue to invest through its $10 billion India digitization fund.
Prime Minister Modi’s Washington trip culminated in a crucial summit with technology executives from both the United States and India. The gathering included prominent figures such as Tim Cook from Apple (AAPL.O), Sundar Pichai from Google, and Satya Nadella from Microsoft (MSFT.O).
During this meeting, PM Modi emphasized the “Make in India” initiative, urging global companies to establish a strong manufacturing presence in the country.
With Amazon spearheading a massive investment drive and other industry leaders following suit, India’s future as a prominent player in the global market appears increasingly promising. The influx of funds is set to fuel innovation, job creation, and digitization efforts, opening doors for India to solidify its position on the world stage as a thriving hub for technology and commerce.