Amazon.com Inc. announced on Friday that it will increase its investments in India to $26 billion by 2030, with an additional $6.5 billion in scheduled investments, following a meeting between CEO Andy Jassy and Indian Prime Minister Narendra Modi in the United States.
Though Jassy did not provide a breakdown, the announcement follows Amazon Web Services’ (AWS) announcement last month that it will invest $12.9 billion in the country by the end of 2030. Amazon had previously announced a $6.5 billion investment plan, primarily to expand its e-commerce business in India, where it competes with Walmart’s Flipkart and billionaire Mukesh Ambani’s Reliance Retail.
The new investment commitments amount to approximately $6.5 billion more. Other companies, including U.S. semiconductor toolmaker Applied Materials and memory chip company Micron Technology, have also made commitments during the state visit of the Indian prime minister.
Amazon increases India investment to $26 bln by 2030.
According to an Amazon blog post, Modi and Jassy discussed supporting Indian entrepreneurs, creating employment, facilitating exports, digitisation, and empowering individuals and small businesses to compete globally.
Separately, Google will establish a global fintech operation center in GIFT City in the western Indian state of Gujarat, with teams supporting its payment service GPay and other Google product operations, according to a statement to Reuters.
“We shared that Google is investing $10 billion in the India digitisation fund, and we are continuing to invest through that,” CEO Sundar Pichai said in a video shared on Twitter by ANI, a Reuters partner. On the final day of his Washington visit, Modi met with U.S. and Indian technology executives, including Apple’s Tim Cook, Google’s Pichai, and Microsoft’s Satya Nadella, and urged them to “Make in India”.