Amazon will invest $1 billion in Indian SMEs
Jeff Bezos was met in India with antitrust investigation earlier this week. Numerous Indian SMEs start gathering to protest the supposed rapacious executions of Amazon. However, Bezos remains unprejudiced.
“We aspire that this invested capital will help India prosper and simultaneously reveal “Make in India” products with its specific and exotic culture to the world,” Bezos said.
Almost 500 million Indians in the 2010s connected to the Internet. However, the vast majority of SMEs in India hasn’t yet digitized.
Amazon CEO claimed the e-commerce giant has brought together more than half a million Indian sellers and thousands of them have grown their operations by starting selling at Amazon marketplaces worldwide.
In the meantime, Confederation of All India Traders (CAIT), a trade association that represents over 60 million Indian sellers, mentioned it has organized protests in over 300 cities. A CAIT spokesman claimed their main objective now is to unveil supposed rapacious pricing and other monopoly methods used by Amazon and Flipkart.
Bezos and Agarwal did not mention protests or antitrust investigations. Indian e-commerce market will approximately rise to US$ 150 billion by 2023, meanwhile it currently accounts for nearly 3% of total retail sales in India, a Nasscom and PwC India study claims.