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Amazon to double its India export target to $20 billion by 2025

Amazon to double its India export target to $20 billion by 2025
Amazon to double its India export target to $20 billion by 2025

Amazon, the renowned American multinational tech and retail giant, has reportedly announced that it plans to export more than $20 billion worth of locally manufactured Indian goods by 2025, more than doubling its previous target of $10 billion for the same period as the e-commerce giant attracts over 100,000 exporters in the major international market.

According to Amazon, it took the firm three years to reach $1 billion in exports from India, having started its exports program, Amazon Global Selling, in 2015.

The company said during a virtual meeting on Wednesday that it had managed to add the last $2 billion in just 17 months. As per the e-commerce company, total exports from India are expected to reach $5 billion.

At the event, Amit Agarwal, SVP of India & Emerging Markets, Amazon, stated that the team is pleased to provide a strong foundation for MSMEs to fulfill their export opportunities, helping them become competitive in the global market, as well as contribute to the Prime Minister's vision to make India an export powerhouse.

Amazon's 18 international websites have provided Indian merchants the ability to sell to consumers all over the world, including the United Kingdom, the United States, Canada, Germany, Mexico, Spain, France, and Australia.

Amazon also announced a $1 billion investment in its operations in India over the next five years at the event. To date, the company has announced a $6.5 billion investment in India, betting big on the second-largest internet market in the world to become the company's next significant territory.

However, the firm's goals in the nation have hit several roadblocks. It has been embroiled in countless inquiries, including an antitrust investigation in India, and has had to contend with Reliance Retail, the nation's biggest retail chain, which is led by Mukesh Ambani, one of Asia's richest businessmen.

Narayan Rane, Union Minister of MSMEs (Micro, Small and Medium Enterprises), stated that MSMEs are the pillar of India's economy, and Amazon's ongoing efforts to increase MSME exports are excellent, and their aim to enable $20 billion in exports by 2025 is quite timely.

Source credit: https://techcrunch.com/2022/05/04/amazon-pledges-20-billion-in-exports-from-india-by-2025/

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.