Jeff Bezos Hopes For Regulatory Stability In India, Even As Amazon Does ‘Extremely Well’
E-commerce giant Amazon.com Inc. is doing "extremely well" in India, its founder and Chief Executive Officer Jeff Bezos has said while expressing hope for regulatory stability in the country.
Bezos' remarks came in response to a question on Amazon's concerns over some Indian policies with regard to digitization.
“Regulatory stability is the thing that we would always hope for India. Whatever the regulations are...they are stable and that’s one of the things we’re hoping will now be true. We’ll see,” Bezos, 55, told reporters on the sidelines of his induction into the National Portrait Gallery on Sunday.
He said Amazon was doing very well in India.
Our business in India is doing extremely well. It’s growing very rapidly.Jeff Bezos, CEO, Amazon
He said the head of Amazon’s India operations, Amit Agarwal, with whom he has worked for 20 years, was an extraordinary leader and is doing really well.
The U.S.-based Amazon is pumping in over Rs 4,400 crore (more than $600 million) in its various units in India including marketplace and food retail to provide them more ammunition to compete against arch-rival Flipkart.
Amazon, which is locked in a battle against Flipkart, had registered cumulative losses of over Rs 7,000 crore across various units in 2018-19.
Bezos had committed investment worth $5 billion in the Indian market in 2016.