Google to invest $10 Billion in India for boosting Digital Economy
Google and Alphabet CEO Sundar Pichai made the announcement today at ‘Google for India’ virtual event. The Google’s investment in India will be made through equity investments and tie-ups, marking its biggest commitment to a growth market.
Pichai said that the latest move is a reflecion of the company’s confidence in future of India and its digital economy.
“This is a reflection of our confidence in the future of India and its digital economy,” Sundar Pichai, CEO of Alphabet, said on a webcast during the annual ‘Google for India’ event.
The announcement signals the company’s intent to scale up the India operations and get a strong hold on the Indian digital ecosystem. This comes right after Reliance Jio has closed 12 rounds of funding in the last three months from marque investors including $5.7 billion from social media giant Facebook.
“So building on our years of investment in India, we are launching a Google for India digitization Fund with a Rs 75,000 crore commitment which is $10 billion to be invested in India over the next five to seven years,” he said.
The fund will invest with both large as well as small companies and also invest in infrastructure such as building data centers etc.
Pichai listed that the Investments will focus on four areas important to India’s digitization including:
“First, enabling affordable access and information for every Indian in their own language, whether it’s Hindi, Tamil, Punjabi, or any other. Second, building new products and services that are deeply relevant to India’s unique needs.
Third, empowering businesses as they continue or embark on their digital transformation. Fourth, leveraging technology and AI for social good, in areas like health, education, and agriculture”
India’s Minister of Communications, Electronics and IT, Law & Justice, Ravi Shankar Prasad, who was also part of Google For India 2020, also spoke on his vision for the digitisation of India. In a pre recorded message that was played back during the presentation, Prasad thanked Google for its investment in the Google India Digitisation Fund.
