You are using an older browser version. Please use a supported version for the best MSN experience.

Money Top Stories

Amazon offers India's small business owners $1 billion olive branch

Reuters logo Reuters 15/01/2020 By Sankalp Phartiyal and Aditya Kalra
Jeff Bezos wearing a suit and tie: Jeff Bezos, founder of Amazon, attends a company event in New Delhi © Reuters/ANUSHREE FADNAVIS Jeff Bezos, founder of Amazon, attends a company event in New Delhi

NEW DELHI (Reuters) - Amazon.com Inc CEO Jeff Bezos said his company will invest $1 billion to bring small and medium-sized businesses online in India and expects to export $10 billion worth of India-made goods by 2025.

a group of people standing in front of a crowd posing for the camera: Members of the Confederation of All India Traders hold placards during a protest against the visit of Jeff Bezos to India, in New Delhi © Reuters/ADNAN ABIDI Members of the Confederation of All India Traders hold placards during a protest against the visit of Jeff Bezos to India, in New Delhi

Bezos' visit comes amid strident criticism from small business owners who accuse the company and Walmart's Flipkart of unfair business practices. The companies deny the allegations.

Jeff Bezos standing in a dark room: Jeff Bezos, founder of Amazon, attends a company event in New Delhi © Reuters/ANUSHREE FADNAVIS Jeff Bezos, founder of Amazon, attends a company event in New Delhi

The Competition Commission of India (CCI) has also just launched a probe into Amazon and Flipkart.

On Wednesday, Bezos spoke at a company event at New Delhi's Jawaharlal Nehru stadium that it has described as "a first-of-its-kind mega summit" to bring together more than 3,000 small businesses.

a man standing in a room: Jeff Bezos, founder of Amazon, attends a company event in New Delhi © Reuters/ANUSHREE FADNAVIS Jeff Bezos, founder of Amazon, attends a company event in New Delhi

Amazon will also use its "size, scope and scale" to export $10 billion worth of locally made Indian goods, said Bezos as he praised the country.

"The dynamism, the energy ... the growth. This country has something special and it's a democracy."

a close up of a sign: FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves © Reuters/Pascal Rossignol FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves

Bezos' schedule has been kept tightly under wraps but sources have told Reuters he has sought a meeting with Prime Minister Narendra Modi and other government officials.

a group of people posing for the camera: Members of the Confederation of All India Traders hold placards and shout slogans during a protest against the visit of Jeff Bezos to India, in New Delhi © Reuters/ADNAN ABIDI Members of the Confederation of All India Traders hold placards and shout slogans during a protest against the visit of Jeff Bezos to India, in New Delhi

India's business owners allege Amazon is driving them out of business by offering sharply discounted products and favouring select big sellers on its platform. The company has maintained it provides opportunities to more than 550,000 sellers to use its platform and grow their business in India.

a group of people posing for the camera: Members of the Confederation of All India Traders hold placards and shout slogans during a protest against the visit of Jeff Bezos to India, in New Delhi © Reuters/ADNAN ABIDI Members of the Confederation of All India Traders hold placards and shout slogans during a protest against the visit of Jeff Bezos to India, in New Delhi

The Confederation of All India Traders (CAIT), a group representing roughly 70 million brick-and-mortar retailers, has said it will protest across 300 cities during Bezos' visit.

There were two small protests, one in New Delhi and another in Odisha, on Wednesday.

MSN UK is committed to Empowering the Planet and taking urgent action to protect our environment against the climate crisis. We’re supporting those on the front line tackling the Australian bushfire crisis. Find out more about our campaign here.

AdChoices
AdChoices

View the full site

image beaconimage beaconimage beacon