Google and Amazon announce investments in India after meeting with PM Modi

Google and Amazon announce investments in India after meeting with PM Modi

Prime Minister Narendra Modi has impressed US business leaders and politicians during his State Visit. Modi had a meeting with Elon Musk, Amazon CEO Andy Jassy and Google CEO Sundar Pichai. After their White House meeting with PM Modi, Amazon and Google have announced $25 billion investments on different projects in India. Google has announced setup of fintech company in Gujarat and investments in “India Digitization Fund” and Amazon has announced additional investment of $15 billion. Google will be spending nearly $10 billion on various projects in India.

Google will be opening a global fintech operation facility in Gujarat. The combined commitment of $10 billion investment on different projects will be made by Google over the next 5-7 years, as per official statement.

PM Modi and US President Joe Biden held a meeting with technology company CEOs at the White House. The meeting was attended by Apple CEO Tim Cook, Flex CEO Revathi Advaithi, OpenAI founder Sam Altman, Mark Douglas, CEO FMC Corporation, Google CEO Sundar Pichai, Amazon CEO Andy Jassy and Microsoft CEO Satya Nadella. United States and India are facing elections soon and Indian government is promoting foreign investments across different sectors to promote India as an investment and manufacturing destination. Indian stock markets are currently trading at all-time highs and this will favor BJP in the upcoming elections.

India is a major market for both Amazon and Google. Amazon has been bleeding cash on its Indian operations but the company has managed to grab a big stake in the online sales. Amazon has been investing heavily in local supply chain and Amazon-branded products in Indian market.

In another win for PM Modi’s semiconductor manufacturing projects, semiconductor giant Micron Technology announced its plan to invest $825 million in India to build a new semiconductor assembly and test facility in Gujarat. The announcement was made by Modi and Micron Technology CEO Sanjay Mehrotra had a meeting. The complete details of the project and timelines have not emerged yet.

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