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Amazon’s Jeff Bezos announces additional $3B investment in India during PM Modi’s visit

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India's Prime Minister Narendra Modi (L) presents the Global Leadership Award to Amazon CEO Jeff Bezos at the U.S.-India Business Council (USIBC) 41st annual Leadership Summit in Washington, U.S., June 7, 2016. REUTERS/Yuri Gripas

India’s Prime Minister Narendra Modi (L) presents the Global Leadership Award to Amazon CEO Jeff Bezos at the U.S.-India Business Council (USIBC) 41st annual Leadership Summit in Washington, U.S., June 7, 2016. REUTERS/Yuri Gripas

WASHINGTON (Diya TV) — Amazon CEO Jeff Bezos announced Tuesday the company plans to invest an additional $3 billion in India, a figure which brings the company’s total investment in the country to over $5 billion.

“Our Amazon.in team is surpassing even our most ambitious planned milestones, and I’m pleased to announce today that we’ll invest an additional $3 billion on top of the $2 billion that we announced in 2014, bringing our total investment in India to over $5 billion.”

During an event in Washington D.C. that was attended by Indian Prime Minister Narendra Modi — who earlier met with U.S. President Barack Obama at the White House — Bezos said that India was Amazon’s fastest-growing region. In China, the company has struggled to compete with Alibaba’s home-grown Chinese sites like Taobao and Tmall.

A survey taken in March revealed that Indian consumers trust Amazon’s brand more than any other online retailer. Domestically, the company competes with web retailers such as Flipkart and Snapdeal.

“I can assure you it’s only the beginning and as we say in Amazon, it’s only day one,” Bezos said. He said the investments would help the country’s startups, and accelerate India’s role as a hub for innovation and digital entrepreneurship.

Bezos announced Amazon plans to open a Web Services Cloud Region in India this year and that the country would soon become home to the company’s largest software and engineering development center outside of the United States. The center will be located in Hyderabad. He said Amazon has thus far built 21 fulfillment centers that have the ability to service postal codes in the country because of its marriage with India Post.

The Hyderabad center will create jobs and career development opportunities for thousands of India’s residents, Bezos said. Even more jobs will become made available over time because of the deployment of Amazon Cloud Services.

“This award is a recognition of the fact that we have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy,” he said.

Bezos’ speech was delivered the same day Warren Buffet praised the executive for embodying the potential of small business owners who build their companies.

Business

Indian IT companies curb H-1B premium processing

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H1-B visa premium processing

MUMBAI (Diya TV) — Indian IT services companies are not racing to use a H1-B visa premium processing option as in years past due to a changing business model and higher rejection rates.

Google announced a $1 billion commitment to help alleviate Silicon Valley’s housing crisis, saying they will add about 20,000 homes. While the housing plan is welcomed, many critics are upset that Google is able to do this because they exploit tax loopholes to shelter billions of dollars in revenue.

PG&E, the California public utility blamed for igniting several wildfires caused by downed power lines that killed dozens and destroyed thousands of homes, agreed to pay $1 billion in damages to local governments.

Laxman Narasimhan will becoming CEO of consumer goods group Reckitt Benckiser this fall.

He was Chief Commercial Officer at PepsiCo.

And India’s lunar lander will launch this July for the moon, and will launch its first mission to study the sun in 2020. ISRO is also planning to have a space station for India by 2030.

Ravi Kapur & Alejandro Quintana contributed to this report.

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India blocks entry of a Palestinian rights group into the U.N.

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Modi blocks Palestinian Rights

WASHINGTON (Diya TV) — Israeli Prime Minister Benjamin Netanyahu thanked Indian Prime Minister Narendra Modi on Twitter for India’s support in blocking the entry of a Palestinian rights group into the UN.

The U.S. Chamber of Commerce’s U.S.-India Business Council held day one of the India Ideas Summit, convening government officials from the U.S. and India, as well as business executives and thought leaders from around the globe. Google CEO Sundar Pichai and NASDAQ CEO Adena Friedman won Global Leadership Awards respectively.

And U.S. Secretary of State Mike Pompeo spoke as well, highlighting what he hope to accomplish during his visit to India in a few weeks.

Warriors star forward Kevin Durant announced on Instagram he had successful Achilles tendon surgery in New York surrounded by family and friends. His team will square off against the Raptors tomorrow night for Game 6 of the NBA Finals. Diya TV will be there with pregame and postgame analysis.

And Ravi Kapur and Jonathan Choe will take you inside TD Garden in Boston where St. Louis Blues are looking for their first Stanley Cup and the Boston Bruins are looking to add to their collection.

Ravi Kapur & Alejandro Quintana contributed to this report.

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Trump calls 50% tariffs by India on US motorcycles unacceptable

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Indian Tariffs unacceptable

WASHINGTON (Diya TV) — President Trump said though India reduced import tariffs on American motorcycles from 100 percent to 50 percent, it is still too high and not acceptable to him.

The Michigan Board of Education voted to approve new social studies standards, which now include Sikhism for the first  time. The new standards will give more than 1.4 million public school students in Michigan context about the Sikh community.

In a list compiled by the New York Times, Palo Alto Networks CEO Nikesh Arora and j2 Global CEO Vivek Shah are two of the top ten highest paid CEO’s amongst U.S. publicly traded companies.

While Arista Networks CEO Jayshree Ullal, Syntel co-founder Neerja Sethi and Confluent co-founder Neha Narkhede are among the richest self-made women according to Forbes.

And Ravi Kapur and Jonathan Choe will recap an eventful night in Toronto, where the Golden State Warriors held off the Raptors in Game 5 of the NBA Finals, after losing their star Kevin Durant to an Achilles injury.

Ravi Kapur & Alejandro Quintana contributed to this report.

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