Amazon pledges $1 billion investment in India

Donning traditional Indian attire - Amazon CEO Jeff Bezos made a big announcement in New Dehli Wednesday, pledging his company would pour $1 billion to bring small businesses in India - online.

An investment Bezos says will help more than 10 million local businesses in the next 5 years.

(SOUNDBITE) (English) AMAZON.COM INC CEO, JEFF BEZOS, SAYING:

"We are going to use our global footprint to export outside of India $10 billion of Make in India goods by the year…we are going to do that by the year 2025."

But Bezos' visit comes amid strident criticism from small business owners in India, who accuse Amazon and other e-commerce giants of violating Indian law with deep discounts and discriminating against small sellers by promoting big ones.

Just this week, the Competition Commission of India launched an anti-trust probe to look into those allegations.

(SOUNDBITE) (Hindi) SECRETARY GENERAL, CONFEDERATION OF ALL INDIA TRADERS, PRAVEEN KHANDELWAL, SAYING:

"Today the investment that he has announced of $1 billion in India that is not an investment but it is formula of crushing the retail trade of the country that he has given to Indian companies."

The visit is a way for Bezos to reach out to some of his fiercest critics as Amazon battles for a piece of India's vast economy...

It's already pledged more than $5 billion in investments since 2014.

As the country's fast-growing e-commerce market is set to touch $120 billion this year.