BUSINESS-ECONOMY
At the fifth edition of its annual ‘Smbhav Summit’, Amazon announced a series of initiatives strengthening its commitment to ‘Viksit Bharat’. As part of this, Amazon has signed an MoU with DPIIT to accelerate the government's key priority of establishing India as a global manufacturing hub. Amazon has earmarked $120 million from its Smbhav Venture Fund to invest in startups that digitise consumer goods manufacturing in India and cater to domestic and global demand, creating thousands of jobs. Amazon is also increasing its export commitment fourfold and plans to enable over $80 billion in cumulative exports from India by 2030. At the event, Union Minister Shri Nitin Jairam Gadkari, Hon'ble Minister of Road Transport and Highways, Government of India, said, “Realising the Government’s vision of a Viksit Bharat requires the active contribution of all stakeholders. Amazon's initiatives in manufacturing, AI, and exports are greatly appreciated. We value Amazon's efforts to leverage its logistics expertise across India, empowering businesses from urban centres to rural areas. Such collaborative efforts by the private sector are instrumental in fostering innovation, driving exports, and strengthening logistics infrastructure, propelling India's journey toward becoming a global economic powerhouse.” Small businesses are expected to drive India’s economic growth. Amazon’s focus is reflective of a broader trend in the Indian market. While big businesses drive value, small businesses create volumes needed for expansion. As E-commerce slowly becomes the norm, entrepreneurs are tuning in on platforms to sell their products directly to consumers. This has opened a new market for E-commerce players to tap into. Digital entrepreneurs are also gaining attention. With ideas in their head, and platforms ready to execute those plans, entrepreneurs are finding it much easier to reach out to consumers. Women entrepreneurs, in particular, are registering to these platforms in large numbers. Amazon alone boasts of 1.8 million women entrepreneurs on its platform. Samir Kumar, Country Manager, Amazon India, said, “Over the last four years, we have invested significant time and effort towards the pledges we announced at the inaugural Smbhav Summit in 2020. We are humbled to share that we have hit our pledge to digitize 10 million small businesses one year ahead of time and have enabled over 12 million small businesses to become a part of the digital economy. We have enabled nearly $13 billion in cumulative exports and have created nearly 1.4 million direct and indirect jobs in India.” None
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