Google CEO Sundar Pichai announces $10 billion fund for India’s digital economy
This move is significant as it comes in the middle of the COVID-19 pandemic and as multinational companies across the world look at alternative investment destinations.
New Delhi: Google CEO Sundar Pichai on Monday announced an investment of Rs 75,000 crore or approximately US$10 billion into India over the next five to seven years through ‘Google for India Digistation Fund’.
This move is significant as it comes in the middle of the COVID-19 pandemic and as multinational companies across the world look at alternative investment destinations.
“Excited to announce Google for India Digitisation Fund. Through it, we will invest Rs 75,000 crore or approx US$10 Billon into India over the next 5-7 yrs. We’ll do this through a mix of equity investments, partnerships and operational infrastructure in ecosystem investments,” said Pichai.
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
Pichai along with Union Minister Ravi Shankar Prasad virtually attended the sixth annual edition of Google for India.
“This is a reflection of our confidence in the future of India and its digital economy,” said Pichai. He added that the investments will focus on four areas important to India’s digitisation.
Listing out the areas, Pichai elaborated, “First enabling affordable access and information to every Indian in their own language. Second, building new products and services that are deeply relevant to India’s unique needs. Third, empowering businesses as they continue or embark on the digital transformation. Fourth, leveraging technology in AI for social good in areas like health, education and agriculture.”
“When I was young, every piece of technology brought new opportunities to learn and grow but I always had to wait for it to arrive from some places. Today people in India no more have to wait for technology to come to you. A whole new generation of technologies is happening in India first,” said Pichai.
Earlier today Prime Minister Narendra Modi interacted with Pichai and discussed a range of subjects like a new work culture in coronavirus times, data security and cyber safety. (ANI)