Amazon, one of the world’s largest e-commerce giants, made a notable change during its Q1 2023 quarterly earnings and investor call by omitting any reference to India. This marks the first time since early 2014 that Amazon has not highlighted the rapid growth and bullish outlook of the South Asian market.

Many analysts have speculated that Amazon’s decision to exclude India from its earnings report is due to the company’s recent shutdown of multiple services in the country, including food delivery and wholesale distribution. This has led to concerns that the American giant is scaling back its operations in India as part of its global restructuring.

Amazon has invested over $7 billion in its India operations over the last decade and competes aggressively with Walmart-backed Flipkart. However, according to a report by Sanford C. Bernstein, Amazon is lagging behind Flipkart and struggling to make inroads in smaller Indian cities and towns.

In contrast, Amazon’s global rival Walmart is doubling down on India and has spent close to $2.5 billion in the country this year alone. Walmart’s continued investment in India demonstrates the growing importance of the country as a key market for global e-commerce players.

Amazon’s decision to exclude India from its earnings report has raised questions about the company’s future plans for the country. While Amazon has faced challenges in India, the market remains a significant growth opportunity for e-commerce players, with a rapidly expanding middle class and a high rate of internet penetration.

Despite the recent setbacks, Amazon is likely to continue its efforts to expand its presence in India, and it will be interesting to see how the company’s strategy evolves in the coming months and years. The Indian e-commerce market is a fast-paced and dynamic space, and competition is intense, with both domestic and international players vying for a share of the pie.