Jeff Bezos promises to help Indian SMBs export products worth $10 billion by 2025

Amazon is going to invest $1 billion (₹7,087 crores approx) in digitising small and medium businesses on its platform in India

Jeff Bezos kicked off his India tour with Amazon’s Smbhav where he announced that Amazon would be investing $1 billion (Rs 7,087 crores approximately) in digitising small and medium businesses (SMBs) on its platform in India. (Kashif Masood/HT)

Jeff Bezos kicked off his India tour with Amazon's Smbhav where he announced that Amazon would be investing $1 billion (₹7,087 crores approximately) in digitising small and medium businesses (SMBs) on its platform in India.

The Amazon CEO also added that they will help SMBs export products worth $10 billion by 2025 with the help of Amazon's global footprint.

"We're committed to being a long-term partner of India. And actions speak louder than words," said Bezos.

"Over the next five years, Amazon will invest an incremental $1 billion to digitise micro and small businesses in cities, towns, and villages across India, helping them reach more customers than ever before. This initiative will use Amazon's global footprint to create $10 billion in India exports by 2025," he explained.

Amazon said in a statement that under this India initiative, the company would establish 'Digital Haats' across 100 cities, villages and communities to help businesses integrate into the digital economy. These Digital Haats would be in local neighbourhoods and made available to Micro, Small and Medium Enterprises (MSMEs) irrespective of their association with Amazon.

"We are going to use our global footprint to export 10 billion dollars of Make-in-India goods by 2025," Bezos said and his rationale behind supporting the SMBs in the country is - "Because its working, and when its working, you should double down on it."

Speaking about India's prospects as far as market and entrepreneurs are concerned, Bezos said on a very optimistic note that 21st century was going to be India's century.

"I predict that 21st century is going to be the Indian century," he said adding that "apart from the dynamism it has India is a democracy which is a major characteristic of the country".

Bezos also observed that in terms of alliances, the 21st century would be all about bilateral relations between the US and India.

Bezos' India visit comes at a crucial time as the Competition Commission of India (CCI) on Monday ordered an enquiry into the business practices of e-commerce majors Amazon and Flipkart.