Technology giant Google has announced it plans to invest more than $10 billion ($75,000 crore) over a 5-7 year period in India. Google and Alphabet CEO Sundar Pichai made the announcement today at a virtual event called ‘Google for India.’ Investment by Google in India will be made by equity investments and tie-ups, marking its biggest contribution to a growing market.
Pichai said the latest move reflects the firm’s belief in India ‘s future and its digital economy.
“This is a reflection of our confidence in India’s future and its digital economy,” Alphabet’s CEO Sundar Pichai said on a webcast during the annual ‘Google for India’ event.
Investments will focus on four key areas of Indian digitization, he said. This includes: 1) enabling affordable access and information for all Indians in their own language; 2) building new products and services relevant to India’s unique needs; 3) empowering businesses as they continue to engage in digital transformation; and 4) leveraging technology and artificial intelligence for social good in areas such as health care, education and agriculture.
“As we make these investments, we look forward to working alongside Prime Minister Modi and the Government of India, as well as Indian businesses of all sizes, to realize our shared vision for Digital India,” he said.
“Today, 26 million SMBs can be found on Search and Maps, connecting more than 150 million users every month. What’s more, small traders across the country are now equipped to accept digital payments, making it possible for more small businesses to become part of the formal economy and improving their access to credit,” said Pichai.
Pichai also added, “Our goal is to ensure that India not only benefits from but leads the next wave of innovation, but that we can work together to ensure that our best days are still ahead.”