Jeff Bezos Announces a $1BN To Digitize Small Businesses in India.

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Bezos says his firm will invest $1bn in digitising small and medium businesses, allowing them to sell and operate online.

Speaking at a company event in New Delhi, he also said the 21st Century is “going to be the Indian century”.

The e-commerce billionaire’s three-days visit to India stirred a lot of protests.

Thousands of small traders across 300 cities have planned demonstrations against what they see as Amazon’s negative impact on the local retail market.

They allege Amazon is driving them out of business by offering sharply discounted products and favouring a few big sellers on its platform.

During today’s address Mr Bezos said: “The dynamism, the energy… the growth. This country has something special – and it’s a democracy.”

He also said the online retail giant expects to export $10bn worth of India-made goods by 2025, and that Amazon has already committed to $5.5bn of investment in the country.

India’s e-commerce market is currently dominated by Amazon and Flipkart, which is owned by US retail giant Walmart.

Author: Austine