Amazon intends to invest an additional $35 billion in India by 2030, bringing total planned spending to $75 billion.

Amazon said on Wednesday it will invest an additional $35 billion in India by 2030, bringing its total planned commitment in the country to about $75 billion as its retail and cloud operations expand in the South Asian nation.

The e-commerce giant said the new investment will support its efforts to digitize small businesses and strengthen its logistics and operational footprint in India. The company said it aims to enable access to AI for up to 15 million small businesses and generate 1 million direct, indirect, induced and seasonal jobs by 2030.

Citing Keystone Strategy’s economic impact report, Amazon said it has invested nearly $40 billion in India so far. In 2023, Amazon said it would invest $15 billion in the country by 2030, of which $12.7 billion is earmarked for its cloud business through Amazon Web Services.

Amazon’s new plan comes just a day after Microsoft announced it would invest $17.5 billion in India by 2029. In October, Google said it would spend $15 billion to build an artificial intelligence center and data center infrastructure in the country.

India is an important market for big technology companies, attracted by its huge population, which includes more than a billion internet users and hundreds of millions of smartphone users. The country has also attracted interest from AI companies such as OpenAI, Anthropic, and Perplexity, as a large portion of the population is connected to the Internet for the first time, and a growing developer base is accelerating the adoption of GenAI applications.

“One of the things I look for is what’s happening here,” Russell Grandinetti, Amazon’s senior vice president of international stores, said at the company’s annual small business-focused Smbhav event in New Delhi. “This will inevitably become part of the way we do business around the world.”

Amazon faces strong competition in India from Walmart-backed Flipkart and Meesho, and quick commerce companies such as Swiggy’s Instamart, Zomato’s Blinkit and Zepto, which are expanding rapidly and targeting the same urban consumer base. However, with its massive logistics network and more than 1.7 million sellers, the company has broad advantages in the market.

“India continues to represent one of the biggest long-term opportunities for Amazon,” said Amit Aggarwal, senior vice president of emerging markets at Amazon.