Amazon eyes exports worth $80 billion from India by 2030
What's the story
Amazon has announced a major expansion of its export commitment from India, promising to enable $80 billion in cumulative exports by 2030.
The ambitious target, announced at the fifth annual Smbhav Summit, represents a four-fold increase from the firm's earlier target of $20 billion by 2025.
The plan includes empowering Indian MSMEs, manufacturers and D2C start-ups through Amazon's Global Selling program.
Product expansion
Amazon's focus on 'Made in India' products
The e-commerce giant plans to expand the export of Made-in-India goods across various categories.
These include Home & Kitchen, Toys, Apparel & Textiles, and Ayurveda products.
This initiative comes as part of Amazon's broader strategy to strengthen its commitment toward India's economic growth and development.
Strategic partnership
MoU with DPIIT to boost manufacturing
Amazon has signed a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT) to make India a global manufacturing hub.
As part of the initiative, Amazon has committed $120 million from its Smbhav Venture Fund for investing in start-ups digitizing and scaling manufacturing in India.
Market commitment
Amazon's initiatives align with India's economic vision
Amit Agarwal, Senior VP of Emerging Markets at Amazon, stressed that "India is a key market for Amazon."
He said their efforts are aligned with the government's vision of a Viksit Bharat and the Prime Minister's $5 trillion economy goal.
Union Minister Nitin Gadkari also lauded Amazon's efforts, noting how private-sector collaboration is crucial to driving innovation and strengthening logistics to boost India's economic growth.
Logistics expansion
Amazon launches new logistics services in India
In a bid to support businesses across the country, Amazon has launched two new services: Amazon Freight and Amazon Shipping.
The services are aimed at providing affordable and reliable logistics solutions for middle-mile and last-mile deliveries.
They are targeted at businesses of all sizes, covering over 14,000 pin codes across India.