Alphabet Inc’s Google on Monday said it will spend around $10 billion in India over the next five to seven years through equity investments and tie-ups, marking its biggest commitment to a growth market.
“Today at #GoogleForIndia 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,” Mr Pichai, the 48-year-old Indian-American Google CEO, wrote in a tweet.
The investment will be done through a mix of equity investments, partnerships and operational infrastructure in ecosystem investments, 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,”
Google India Digitization Fund will be used for investments in Indian innovations and development of infrastructure.
Pichai said he wanted India not only to benefit from the next wave of innovation but to lead it. Google, he said, will focus on the following four areas of investment;
“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.
Earlier today, PM Modi tweeted he had “an extremely fruitful interaction” with Mr Pichai. “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,” the Prime Minister tweeted.
Written by Kumar Saurav, He is Journalism graduate from Indian Institute of Mass Communication New Delhi.