Global e-commerce giant, Amazon, has announced that it is planning to invest US $ 1 Billion into digitizing India-based SMEs.
In the long run, the firm expects to export north of US$ 10 Billion worth of India-made products by 2025.
Amazon CEO, Jeff Bezos, said, “This initiative will use Amazon’s global footprint to create US$10 billion in India exports by 2025. Our hope is that this investment will bring millions more people into the future prosperity of India and at the same time expose the world to the ‘Make in India’ products that represent India’s rich, diverse culture.”
The announcement was however not well received.
Local business owners in India have accused Amazon of foul play. They claimed that Amazon’s massive discounts on products places them at a disadvantage, as they cannot compete favorably.
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They argue that this practice favors big sellers, and drives SMEs and smaller entities out of business.
Amazon, which started as purely an online book selling platform, has grown into a multi-national conglomerate.
Amazon now operates in the e-commerce, cloud computing, digital streaming, and artificial intelligence spaces.
It is considered one of the biggest tech companies globally, sitting among the top four, commonly referred to as FANG: Facebook, Apple, Amazon, Netflix and Google.
