Google CEO Sundar Pichai says will invest Rs 75,000 crore in India
By In a recent set of news, Google’s CEO Sundar Pichai has announced that the tech giant is planning to invest Rs. 75,000 crore ($10 billion) in India.
The investment will be made over a period of 5-7 years. As per reports, most part of the investments will be used to buy stakes in large Indian companies.
It was during the ‘Google for India’ virtual event that Sundar Pichai announced one of the biggest commitments to the market. The event was organised to accelerate India’s digital economy in the upcoming years.
The Investment
As per media reports, the $10 billion investment will focus on crucial areas of India’s digitization:
- The investment will focus on enabling affordable access and information to every user in India, irrespective of their language.
- It will also build new products and services as per India’s growing needs.
- The investment will empower businesses in their journey towards digital transformation.
- It will also leverage technology and artificial intelligence in areas like healthcare, education and agriculture for social good.
What Did Sundar Pichai Say?
Talking about the move, Pichai said that this move will reflect Google’s confidence in India’s future and its digital economy.
He further added, “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.”
“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.
Notably, Pichai also had a conversation with PM Narendra Modi earlier in the day.
The Bottom Line
With more than 500 million online users in India, the country is a key market for Google. Its biggest products like Search Engine, Google, YouTube and Android have become an integral part of the online population. And Google, like any other American tech giant, wants to make the most of this opportunity.
Recently, Facebook, one of Google’s rivals, made a huge investment of $5.7 billion in Reliance Jio Platforms.
Thus in this time, gaining foothold in India has become a crucial step for American tech giants which are facing shutdowns due to the pandemic.