Sundar Pichai announced the $10 billion investment plan during “Google for India” event
The Chief Executive Officer (CEO) of Google and Alphabet – Sundar Pichai today, i.e., Monday, July 13, 2020 announced that Google will invest U.S. $ 10 billion in India in the next 5-7 years for buying stakes in large Indian companies as well as niche digital service providers.
The announcement was made during the 6th annual edition of “Google for India” event which was held virtually where Pichai announced the plans of digitisation of funds.
Prior to this, earlier in the day, the Prime Minister of India – Narendra Modi spoke to Pichai where they discussed wide range of topics covering work culture with top business leaders and the impact of Coronavirus (COVID-19) on economy.
Taking it to twitter, Modi 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. pic.twitter.com/IS9W24zZxs
— Narendra Modi (@narendramodi) July 13, 2020
Talking about new work culture, Modi tweeted,
During our interaction, @sundarpichai and I spoke about the new work culture that is emerging in the times of COVID-19. We discussed the challenges the global pandemic has brought to areas such as sports. We also talked about the importance of data security and cyber safety.
— Narendra Modi (@narendramodi) July 13, 2020
Expressing delight over google’s efforts, Modi tweeted,
I was delighted to know more about the efforts of @Google in several sectors, be it in education, learning, @_DigitalIndia, furthering digital payments and more. @sundarpichai
— Narendra Modi (@narendramodi) July 13, 2020
Thanking Modi for his time, Pichai tweeted,
Thank you for your time, PM @narendramodi – very optimistic about your vision for Digital India and excited to continue our work towards it. Later today we’ll share our next steps on that journey at #GoogleForIndia.
— Sundar Pichai (@sundarpichai) July 13, 2020
With more than 500 million active internet users in the country, India is perhaps the biggest potential growth market for Google. The investment will focus on 4 areas important for India’s digitization:
• Enabling affordable access and information for every Indian in their own language, whether it’s Hindi, Tamil, Punjabi or any other
• Building new products and services that are deeply relevant to India’s unique needs
• Empowering businesses as they continue or embark on their digital transformation
• Leveraging technology and AI for social good, in areas like health, education, and agriculture
Digitization of small businesses has been a major growth for Indian economy. Around 4 years ago, only 1/3rd 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. Besides, merchants now 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.
In the wake of pandemic, making digital payments have been a blessing for both the merchants and the buyers.
Google opened their first offices in Hyderabad and Bangalore in 2004. The focus then was on getting helpful and relevant information to Indian users through Search. Later, Google started awareness of the Internet in rural villages.
