Amazon to invest $1 bn dollars in India

Amazon CEO Jeff Bezos who is currently on his India tour has announced that it is investing a fresh 1 $ dollars in India. Bezos made the announcement while speaking at the medium businesses (SMB's) at the Amazon Shambav event in Delhi.  

The tech giant has also announced that it is set to export 10$ billion of India manufactured goods by 2025. The two-day event is set to witness over 3,000 SMB's in India. "Today, we're announcing that we're going to invest, an incremental $1 billion (Rs. 7,086.8 crores) in digitizing small and medium businesses," said Bezos during his chat session with Amit Agarwal, Global Senior Vice President and Country Head of Amazon India. 

The new investment is set to be added to Amazon's existing funding of a total of over $5.5  billion (roughly Rs. 38,986 crores) in the country.

Aside from the investment plan, Bezos has announced that it will use its global footprint to export locally produced goods in the country. 

Amazon sees India as a huge potential market with 16-17 million SMBs exist in the country. The US-based company ventured into Indian e-commerce space in 2013, though it started its business operations in 2004.

Note- This is a developing story with more details to follow. 

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