(CTN News) – As one of the world’s fastest-growing economies, Amazon.com Inc (AMZN) has announced plans to expand its operations in India, joining the list of technology companies that are betting big to thrive.
Earlier this week, the company’s cloud computing unit announced that it would invest a total of 1.06 trillion rupees ($12.7 billion) in India by the end of the decade.
According to Amazon, its latest investment will contribute $23.3 billion to India’s GDP by 2030 and support a total of over 131,000 full-time jobs on an annual basis by 2030.
After expanding Amazon Web Services to Mumbai in 2016, Amazon has invested an amount of $3.7 billion into India. During the past two years, the company has trained more than four million Indians with skills related to the cloud.
There is no doubt that Amazon has made an attempt to tap into one of the world’s fastest-growing economies with this move, which is the latest by a U.S. tech company.
A few months ago, Apple CEO Tim Cook told Indian Prime Minister Narendra Modi that the company is committed to investing in the country, where Apple recently opened its first physical store.
It has been reported by state officials that Foxconn, one of Apple’s largest suppliers, plans to build a factory in the Indian state of Telangana for $500 million.3
During the past month, India has overtaken China as the world’s most populous country and is expected to become the third-largest economy by 2027.45 When it comes to cloud services, India’s market is expected to grow at a compound annual growth rate of 24% through 2026, reaching $13 billion in sales.
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