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Amazon To Invest $12.7 Billion In Cloud Infrastructure In India

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Amazon Web Services said that its investment in India has a ripple effect on the local economy.

Mumbai:

Amazon Web Services on Thursday announced plans to invest USD 12.7 billion in cloud infrastructure in India by 2030 as it looks to meet growing customer demand for cloud services in the country.

The planned investment in data centre infrastructure in India will support an estimated average of 1,31,700 full-time equivalent (FTE) jobs in Indian businesses each year, Amazon Web Services (AWS) — Amazon’s cloud computing unit — said in a statement.

These positions, including construction, facility maintenance, engineering, telecommunications and other jobs, are part of the data centre supply chain in India.

AWS said it plans to invest Rs 1,05,600 crore (USD 12.7 billion) in cloud infrastructure in India and added its long-term commitment in the country will reach Rs 1,36,500 crore (USD 16.4 billion) by 2030.

This follows AWS’ investment of Rs 30,900 crore (USD 3.7 billion) between 2016 and 2022 which will bring its total investment in India to Rs 1,36,500 crore (USD 16.4 billion) by 2030.

“This investment is estimated to contribute Rs 1,94,700 crore (USD 23.3 billion) to India’s total gross domestic product by 2030,” the statement said.

AWS added that its investment in India has a ripple effect on the local economy in areas such as workforce development, training and skilling opportunities, community engagement and sustainability initiatives.

The company has two data centre infrastructure regions in India — the AWS Asia Pacific (Mumbai) Region, launched in 2016, and the AWS Asia Pacific (Hyderabad) Region, launched in November 2022.

“The two AWS Regions are designed to provide Indian customers with multiple options to run workloads with even greater resilience and availability, securely store data in India, and serve end users with low latency,” it said.

AWS has invested more than Rs 30,900 crore in the AWS Asia Pacific (Mumbai) Region between 2016 and 2022. This included both capital and operating expenditures associated with constructing, maintaining and operating the data centres in that region.

It estimates that AWS’ overall contribution to India’s gross domestic product between 2016 and 2022 was more than Rs 38,200 crore (USD 4.6 billion), and the investment supported nearly 39,500 FTE jobs annually in Indian businesses.

“Prime Minister Narendra Modi’s Digital India vision is driving (the) expansion of cloud and data centres in India,” Union Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said in the statement.

The latest investment will catalyse India’s digital economy.

“MeitY is also working on a Cloud and Data Center Policy to catalyse innovation, sustainability, and growth of India Cloud,” the minister said.

Puneet Chandok, president of commercial business, AWS India and South Asia, said the planned investment will “help create more beneficial ripple effects, supporting India on its path to becoming a global digital powerhouse”.

The company observed that hundreds of thousands of its customers in India run their workloads on AWS to drive cost savings, accelerate innovation and increase speed time to market.

This includes government entities such as the Ministry of Electronics and Information Technology, public healthcare institutions such as the Aarogyasri Health Care Trust, large Indian enterprises such as Ashok Leyland, Axis Bank, HDFC Life and Titan, small and medium businesses such as Havmor, Qube Cinema and Narayana Nethralaya, well-known start-ups like BankBazaar, HirePro, M2P and Yubi, among others.

AWS also helps several Indian businesses build digital solutions locally that can be scaled globally through the AWS Partner Network (APN) where Indian partners can use programs, expertise and resources to build, market and sell customer offerings.

The APN in India includes organisations such as Minfy Technologies, Rapyder Cloud Solutions and Redington, AWS said.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

 

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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