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.)
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
