Online retailer Amazon plans to invest $3bn in India to build its business as it predicts that the country will become a major hub of online shopping.
This announcement was made by Amazon CEO Jeff Bezos at the US-India Business Council’s Leadership Summit in Washington, US, where Indian Prime Minister addressed US executives to invest in the country.
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Speaking at the summit, Bezos said: "We have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy.
"Our Amazon.in team is surpassing even our most ambitious planned milestones."
Last year, Bezos announced that the company will inject $2bn into the country over time.
Taking the total investment pledged by the company to $5bn, the latest announcement will put pressure on local competitors Flipkart and Snapdeal to raise funds.
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By GlobalDataThe online retailer has targeted India for global growth as it faces competition from Alibaba in China.
Most of its overseas revenue comes from UK, Japan and Germany; nevertheless, it is looking at India for new inventory and customers.
Revenues from other overseas markets, including India, reached $7.4bn, which is nearly 7% of total revenues last year, reported Bloomberg.
Amazon entered the Indian market in 2013. Last week, the company announced that its plans to open more distribution facilities in the country.
