Jeff Bezos, the CEO of e-commerce giant Amazon, said on Monday that the firm is doing “extremely well” in India.
Speaking to the media on the sidelines of his induction into the National Portrait Gallery in Washington, Bezos’ remarks came in response to a question on Amazon’s view over Indian digitisation policies.
"Regulatory stability is the thing that we would always hope for India. Whatever the regulations are ... they are stable in time and that's one of the things we're hoping will now be true. We'll see," the 55-year-old Amazon head told reporters.
Calling Amazon’s Head of India operations Amit Agarwal "an extraordinary leader", Bezos said: “Our business in India is growing rapidly and doing extremely well.”
Bezos added that Agarwal, with whom he has worked for 20 years, is doing really well.
According to media reports, Amazon is investing over $600 million in three of its subsidiaries in India – Amazon Pay, Amazon Retail and Amazon Seller.
Boosting its India operations, the firm also opened its largest campus outside the US in India’s southern city Hyderabad – the company's first campus outside the United States.
The company, which has its headquarters in Seattle, is locked in high competition with arch-rival and India-founded e-commerce firm Flipkart. However, both the firms are in a legal tangle over alleged violations of FDI norms in India.
As per the new FDI policy, aimed at safeguarding interest of offline retailers and small manufacturers, e-commerce firms are restricted from indulging in predatory pricing and deep discounting.
The Confederation of All India Traders (CAIT) that advocates for small traders and businesses in India, said these e-commerce giants have repeatedly indulged in practices that converted their marketplaces into inventory-based models (a platform where the owner owns the products and sells it on its platform) in clear violation of the country's FDI policy.