India’s Prime Minister, Narendra Modi recently met Amazon’s founder and CEO, Jeff Bezos during his visit to the US. In the series of meeting during the tour, Modi will meet Donald Trump on Tuesday.
Jeff Bezos after meeting Modi tweeted “Terrific meeting with Narendra Modi. Always impressed, energised by optimism and invention in India. Excited to keep investing and growing”. He also assured that the retail giant, Amazon will continue to invest and grow in India.
Amit Agarwal, Amazon vice-president & country manager for India, has said the country’s e-commerce market is still in its infancy and it will take a lot more investment, not just from his company but from all players, to grow in the coming years.
He also added “The reason I think we’re still growing at this pace is that customers are shopping more, ‘Prime’ members are spending more, new customers continue to come to us. Amazon.com at its current scale is still growing at a rate of over 30 percent, and the US market is 100 times bigger than India. Here, it’s so early that I foresee double-digit growth for many more years to come”.
While Amazon does not break out investment figures by country, the company’s losses from its international business shot up to ₹3463 crores in the third quarter of 2016. At the time, the company credited the loss to its accelerated investment in India. In the two following quarters too, losses remained high at ₹3139 crores and₹3100 crores in that order.
Modi has encouraged four technology giants namely Google, Microsoft, Apple, Amazon to grow their business in India, the large open market in the world.