Today Google announced an investment of $10 billion in India. The tech giant also announced that this fund will be utilized between the period of five to seven years. This investment by Google is part of its strategy to fast track the adoption of digital services in the major overseas market.
Chief executive of Google, Sundar Pichai also launched India Digitization Fund. With the help of this fund, Google will begin the investments in India.
“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,” he said via video conference at the company’s annual event focused on India.
Earlier in the day virtual meeting was held between Prime minister Narendra Modi and Sundar Pichai following which the announcement was done. This fund will help in realizing the PM dream of digital India.
Prime Minister Modi earlier in the day 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 focus of this would basically on four points. First, Indians can now be able to access different information in their vernacular language. Second Development of products and services adhering to the need of Indian people. Third, motivating and providing a platform for businesses to continue or embark on their journey towards digital transformation. Fourth, the use of technology and Al in fields like health, agriculture, and education.
In recent times India has emerged as a key overseas market for Google. India with its population of 1.3 billion offers Google services like Youtube and Android a huge opportunity. Different American and Chinese companies have already leveraged the Indian market.
Statistics show that the number of people online in India is more than 500 million and the count for the number of active smartphones user would be over 450 million.
Sundar Pichai said, “There’s still more work to do in order to make the internet affordable and useful for a billion Indians…from improving voice input and computing for all of India’s languages to inspiring and supporting a whole new generation of entrepreneurs,”.