Google plans to invest $10 billion in India. The statement was issued by Sundar Pichai, CEO Google as he introduced Google for India Digitization Fund that will be used to make investments in the country. The company will be investing this money in the next five to seven years in an aim to escalate the adoption of digital services in this major overseas market.
Addressing in a video conference at the company’s annual event focused specifically on India, Sundar said:
“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,”
Today at #GoogleForIndia we announced a new $10B digitization fund to help accelerate India’s digital economy. We’re proud to support PM @narendramodi’s vision for Digital India – many thanks to Minister @rsprasad & Minister @DrRPNishank for joining us. https://t.co/H0EUFYSD1q
— Sundar Pichai (@sundarpichai) July 13, 2020
India is one of the important key overseas markets for Google. A huge range of Google’s products and services such as Youtube, Google search, Android is widely used by a huge Indian population.
The investment of this huge amount is going to focus on these 4 areas:
- To enable access of information to every Indian in their native language, Hindi, Punjabi, Tamil, and many others.
- Building new products and services tailored specifically to the Indian market to cater to local needs.
- To empower Indian businesses as they progress on their journey on digital transformation.
- Leveraging technology, AI for areas such as health, education, and agriculture.
“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,” Said Google Chief Executive.
Google is not the first one to pay close attention to the Indian market. Amazon opened its largest campus in Hyderabad and Facebook one of the closest rivals of Google and Amazon made a $5.7 billion investment in Reliance Jio Platforms. It is one of the top telecom operators in the country. The investment was made earlier in April to digitize 60 million small stores in the country.