Sundar Pichai, CEO of Google on Monday said that Google plans to invest $10 billion ( Rs 75,000 Crore) in India in the next 5-7 years.
He said, over the years we have invested in many Indian businesses through Google, as well as through our growth equity investment fund CapitalG, today I’m excited to announce “Google for India Digitization Fund”. Through this effort we will invest Rs 75,000 Crore (appx $10 billion) into India over the next 5-7 years.
Google will invest this fund in India to buy stakes in both large as well as small companies.
At the company’s annual event, he 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,”
Investments will focus on four areas which are important to India’s digitization:
- 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 (Artificial intelligence) for social good, in areas like health, education, and agriculture.
He further said, “As we make these investment We look forward to working alond side PM Modi and the Indian Goverment as well as Indian businesses of all Size.”
After an Video interaction with Pichai, PM Modi had tweeted:
This morning, had an extremely fruitful interaction with @sundarpichai. 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.
India is the world’s second-most populous nation with a population of more than 1.3 billion people. Out of them, not less than 50 Crore people in India are online today and more than 45 Crore smartphones are in active usage in the country.
India is a key overseas market for Google, where a range of its products and services including Search engine, online video-sharing platform YouTube, and Android have made inroads with much of the entire online population.
Thus, we can expect more regular investments in tech startups, NGOs, and other such organizations over the next few years.
“Our goal is to ensure India not only benefits from the next wave of innovation but leads it,” said Pichai.