Amazon (AMZN Quick QuoteAMZN - Free Report) is leaving no stone unturned to bolster its presence in India.

This is evident from its latest announcement regarding plans to invest an additional $15 billion in the country over the next seven years.

With this plan, the e-commerce giant strives to take its total investments in India to $26 billion by 2030.

Notably, the underlined announcement follows the recent commitment of the company’s cloud computing unit, Amazon Web Services (AWS), regarding investing $12.9 billion in India by 2030.

Amazon’s Expansion Spree

The latest move is in sync with Amazon’s deepening focus on strengthening its infrastructure and reaching customers in India, which holds bright prospects for e-commerce and cloud businesses.

Notably, Amazon has already invested $11 billion in India to date.

Moreover, the move bodes well with the company’s pledge to build digital centers in 100 cities and villages in India. These proposed digital centers are expected to help more than 10 million small and medium businesses come online. Further, the company aims to make exports of products made in India worth $20 billion and create two million jobs by 2025.

Previously, the company announced an investment of $1 billion in the country at the Smbhav summit in New Delhi in 2020.

Apart from the growing investment plans, Amazon’s inauguration of its fourth office in Tamil Nadu last year remains noteworthy. The new office is at the World Trade Center in the Perungudi area of Chennai. It spans 8.3 lakh square feet, occupying 18 floors of the building. The office has the capacity to support 6,000 employees.

Further, the opening of a consumer robotics software development center in Bengaluru, Karnataka, to introduce robotics advancements in India is a major positive.

The new facility supports the expansion and growth of the company’s Consumer Robotics division. Moreover, it directly assists in product development through the underlined division.

Additionally, Amazon’s increasing investment to expand its fulfillment network is another positive.

Notably, Amazon remains well-poised to penetrate the booming Indian e-commerce market with its continued investment in fulfillment centers, which are giant warehouses that help online retailers store and ship products and handle returns quickly.

The company’s rising number of Digital Kendras, the brick-and-mortar resource centers, through which it strives to encourage MSMEs to adopt cutting-edge technologies to go online, remains noteworthy.

We believe the above-mentioned initiatives are expected to continue strengthening Amazon’s presence in India, where digitization has advanced to a much higher level, leading to increased growth opportunities.

Amazon’s growing prospects in the booming Indian market are expected to aid its overall financial performance, which, in turn, will likely instill investor optimism in the stock.

The Zacks Consensus Estimate for 2023 revenues is pegged at $560.32 billion, reflecting growth of 9% from 2022.

Notably, Amazon has gained 54% on a year-to-date basis.

Zacks Rank & Stocks to Consider

Currently, Amazon carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the retail-wholesale sector are The TJX Companies (TJX Quick QuoteTJX - Free Report) , ContextLogic and Walmart (WMT Quick QuoteWMT - Free Report) , each carrying a Zacks Rank #2 (Buy).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The TJX Companies gained 2.4% on a year-to-date basis. The long-term earnings growth rate for DTC stock is currently projected at 16.74%.

ContextLogic has lost 48.6% on a year-to-date basis. The long-term earnings growth rate for WISH stock is currently projected at 4.4%.

Walmart has gained 7.1% on a year-to-date basis. The long-term earnings growth rate for WMT stock is currently projected at 5.5%.