Google and Alphabet CEO Sundar Pichai announced on Monday that Technological giant Google to invest Rs 75000 crore in India through Google for India Digitization Fund.
Sunder Pichai announced on Monday while addressing the sixth annual edition of the “Google for India” virtual event. Google will invest $10 billion (RS. 75,000 crore) in India over a period of five to seven years.
Earlier in the day Prime Minister Narendra Modi held a virtual discussion with Sundar Pichai on various subjects and with other top business leaders.
The investment in India will be made through a mix of equity investments, partnerships and operational, infrastructure, and ecosystem investments.
Pichai said at the event, “Today, I’m excited to announce the Google for India Digitization Fund. Through this effort, we will invest 75,000 crore, or approximately $10 billion, into India over the next 5-7 years. We’ll do this through a mix of equity investments, partnerships, and operational, infrastructure, and ecosystem investments. This is a reflection of our confidence in the future of India and its digital economy.”
Focus Areas of Investment
Pichai said the investments will focus on four key areas important to India’s digitization. These are,
- Enabling affordable access and information to every Indian in their language.
- Building new products and services that are relevant to India’s unique needs
- Empowering businesses as they continue to embark on their digital transformation and
- Leveraging technology and Artificial Intelligence for social good in areas like healthcare, education, and agriculture.
Pichai said, “As we make these investments, we look forward to working alongside Prime Minister Modi and the Indian government, as well as Indian businesses of all sizes to realize our shared vision for a Digital India.”
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Pichai said, “Today, 26 million SMBs are now discoverable on Search and Maps, driving connections with more than 150 million users every month. What’s more, small merchants across the country are now equipped to accept digital payments. This has made it possible for more small businesses to become part of the formal economy, and it improves their access to credit.”
Pichai also added, “Our goal is to ensure India not only benefits from the next wave of innovation, but leads it. Working together we can ensure that our best days are still ahead.”
He also said that there is still a lot more to do in India. There is still more work to do to make the internet thing affordable and useful for a billion Indians.
Sanjay Gupta, Country Head and Vice President, Google India, further added, “India has always been a strategic and important focus for Google. Over the last several years, under the “Next Billion Users” initiative, Google has solved for India by understanding the challenges of India better and building products and solutions that can help Indians get more out of the Internet. Today, we are recommitting ourselves to partner deeply and support India in becoming a truly digital nation by making the Internet helpful for a billion Indians and empowering India to become a leading digital economy.”
Despite this Ravi Shankar Prashad, Minister of communications, Electronics and IT was also part of the Google for India 2020 virtual event.
His interaction with Prime Minister
Meanwhile, the Prime Minister tweeted, “This morning, had an extremely fruitful interaction with Sundar Pichai. We spoke on a wide range of subjects, particularly leveraging the power of technology to transform the lives of India’s farmers, youngsters and entrepreneurs.”
The PM also noted that during their interaction they also discussed the new work culture, challenges the global pandemic has brought in areas of sport, and also about the importance of data security and cybersecurity.