Google Plans to Invest ₹75,000 Crore in India to Boost Digital Economy

Technology giant Google has announced that it plans to invest over ₹75,000 crore($10 billion) in India over a period of 5-7 years. Google and Alphabet CEO Sundar Pichai made the announcement today at ‘Google for India’ virtual event. The Google’s investment in India will be made through equity investments and tie-ups, marking its biggest commitment to a growth market.

Pichai said that the latest move is a reflecion of the company’s confidence in future of India and its digital economy.

“This is a reflection of our confidence in the future of India and its digital economy,” Sundar Pichai, CEO of Alphabet, said on a webcast during the annual ‘Google for India’ event.

Investments will focus on four key areas of India’s digitisation, he said. This includes, 1) enabling affordable access and information to every Indian in their own language, 2) building new products and services relevant to India’s unique needs, 3) empowering businesses as they continue to embark in digital transformation, and 4) leveraging technology and Artificial Intelligence for social good in areas like healthcare, education and agriculture.

“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,” he 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 said.

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.”

Source: Live Mint