Amazon’s SMBhav Summit Empowers India’s Small Business Growth
Amazon SMBhav 2024, Amazon’s flagship small business summit, concluded on December 9-10 at Bharat Mandapam, New Delhi. Themed ‘Naye India ki Nayi Raftaar’, in its fifth edition of the Summit, the company unveiled a robust set of initiatives aimed at driving India’s transformation into a global manufacturing powerhouse under the vision of a ‘Viksit Bharat.’ In a major step forward, Amazon signed a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT) to accelerate the Government’s efforts in making India a key manufacturing hub.
Through its Smbhav Venture Fund, the company is investing US$ 120 million to support startups that will digitize India’s consumer goods manufacturing. This move will cater to both domestic and international markets and help create thousands of jobs. Amazon also set an ambitious target to increase its export commitment fourfold, aiming to drive over US$ 80 billion in cumulative exports from India by the year 2030.
Nitin Gadkari, Minister of Road Transport & Highways, Government of India, praised Amazon’s role in bolstering India’s vision of economic growth through innovative manufacturing, artificial intelligence (AI), and logistics. He also mentioned Amazon’s significant role in building the country’s infrastructure and enabling businesses, from urban hubs to rural areas.
In line with India’s growing digital market, Amazon targets to empower small and medium-sized businesses (SMBs) that are significant for the country’s economy. It also highlighted milestone achievements towards empowering women entrepreneurs, with 1.8 million women already signed up.
Image Source: Amazon SMBhav 2024