Google for India: Sundar Pichai announces investment of Rs 75,000 crores over next 5-7 years
The investment will be done through a mix of equity investments, partnerships and operational infrastructure in ecosystem investments, Google CEO Sundar Pichai said.
Google and Alphabet CEO Sundar Pichai announced announced a $10 billion investment in India on Monday at the Google for India virtual event. Under this, Google For India Digitisation Fund, Google will invest Rs 75,000 crore into India for the next five to seven years.
Pichai said that Google will do this through a mix of equity investment partnerships and operational infrastructure in ecosystem investments.
During the live stream, Pichai said that this investment "is a reflection of our (Google's) confidence in the future of India and its digital economy."
Google said that the Rs 75,000 crore investment will firstly focus on enabling affordable access and information to every Indian irrespective of the language. Secondly, it will be used to meet India’s unique needs by products and services. The huge investment will also help local businesses to move towards digital transformation, Google said. Also, it will work towards using Artificial Integellince (AI) in areas like health, education, etc.
Pichai announced this investment after his virtual meeting earlier today with Prime Minister Narendra Modi.
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
"Just four years ago, only one-third of all small businesses in India had an online presence. 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. " Pichai said while talking about Google's commitment to India.
Pichai shared the success of Google-aided programmes like Internet Saathi and claimed that it has helped over 30 million women across India to learn digital skills and incorporate them into their lives and the communities.
Pichai also lauded Prime Minister Narendra Modi for his vision Digital India which has made internet accessible to a billion Indians via cheap smartphones, affordable data, and its telecom infrastructure.
In a separate announcement made at the Google For India event, the company said it will partner with 1 million teachers across 22,000 Central Board of Secondary Education (CBSE) schools by December-end to further the push of online education in the country.