Amazon said on Wednesday that it wants to double its goal of exporting Indian goods to $20 billion by the year 2025.
It took three years for the company to clock $1 billion in exports from India. The firm added $2 billion in 17 months. The company said it is on track to hit $5 billion in cumulative exports from India.
We are excited to build a strong foundation for Micro, Small and Medium enterprises to realize their export potential, help them become globally competitive and contribute towards honorable Prime Minister's vision of making India an export powerhouse.
Merchants from India have been able to sell to customers worldwide through Amazon's 18 international websites, including the U.S., the UK, Canada, Mexico, Germany, Spain, Australia and France.
Amazon founder Jeff Bezos spoke at an event in New Delhi in early 2020 in which he pledged to export $10 billion of goods from India by the year 2025. At the time, Bezos said that his hope was that the investment would bring millions more people into the future prosperity of India and that it would expose the world to the products that represent India.
Over the next five years, the company will invest $1 billion in its India operations. The world's second largest internet market is being aggressively bet on by Amazon to become its next major region.
The company has seen several obstacles in the country. It has been the subject of multiple investigations, an antitrust probe in the country and has had to lock horns with Reliance Retail, the largest retail chain in the country that is run by one of Asia's richest men.
The American firm spent over two and a half years in multiple courts trying to stop the merger of Reliance Retail and Future Retail. Amazon is an investor in Future Group. Reliance called off its $3.4 billion merger with Future Retail last month. The country's most valuable firm was able to expand its network of stores by brokering deals with storeowners who had leased the facilities to Future.
In a newspaper ad earlier this year, Amazon accused its estranged partner and Reliance of engaging in fraudulent practices and attempting to remove the substratum of the dispute.
MSMEs are the backbone of India's economy, contributing to around a third of India's GDP and driving nearly half of the country's exports.
Enhancing the export potential of Indian Micro, Small and Medium enterprises is a priority of the government and efforts are being made to support them for their success in international markets. Amazon's continued efforts towards enhancing the share of Micro, Small and Medium-sized enterprises exports is commendable, and their commitment to enable $20 billion of exports by 2025 is very timely. I would like to commend Amazon and all the Micro, Small and Medium enterprises for playing an important role in driving export-led growth.
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