Online retailer Amazon is on pace to meeting its goals at its India site, particularly when it comes to its micro-, small-, and medium-sized enterprises, which is a good sign for assets like the VanEck Vectors India Growth Leaders ETF (GLIN).

According to a press release, Amazon met its commitments made back at the beginning of last year. To date, the online retail giant has been able to digitize “2.5 million MSMEs, enabled cumulative exports worth $3 billion and helped create nearly 1 million jobs in India till date.”

“Last year at the inaugural Smbhav Summit, Amazon had announced an investment of $1 billion to digitally enable 10 million MSMEs, enable ecommerce exports worth $10 billion and create 1 million additional jobs in India between 2020 and 2025. The company is on track to fulfill these commitments,” the press release added.

“As we continue to work with small and medium businesses in our ecosystem, we remain committed to bringing new tools, technology and innovation that will unleash the entrepreneurial spirit of Indian businesses, boost exports from the country, help create jobs at scale and contribute to the vision of an Aatmanirbhar Bharat,” Global Senior Vice President and Country Head of Amazon India Amit Agarwal said in a prepared statement. “As the world around us is more digital than ever with the internet and technology becoming an integral part of our lives, we see a massive opportunity to empower millions of SMBs across the country and remain committed for Amazon to be a catalyst for such accelerated progress.”

GLIN seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MarketGrader India All-Cap Growth Leaders Index. GLIN’s expense ratio comes in at 0.82%.

Overall, GLIN gives investors:

  • Access to fundamentally sound Indian companies with attractive growth potential at a reasonable price (“GARP”)
  • The entire Indian opportunity set regardless of size
  • Potential to outperform traditional capitalization-weighted benchmarks by selecting top-ranked companies

GLIN Chart

Covid-19 in India

Covid-19 continues to be a thorn in the side for many countries. Global investment firm Goldman Sachs recently downgraded its growth forecasts for India.

“With virus cases surging to a new high of over 100K/day over the weekend, and a host of states including Maharashtra announcing stricter lockdown restrictions which are likely to broaden out in coming weeks, we expect Q2 GDP growth to be slower than we had initially anticipated,” Goldman analysts wrote.

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