With the view of augmenting India's digital economy corridors, Global Tech Giant Google has announced a fund of $10 billion (about Rs 75,000 crore) for the country which would be invested over the next five to seven years.
Chief Executive Officer of Alphabet and Google Sundar Pichai has made the announcement of the mega-investment during the Google For India event. Pichai, the Indian born American executive, said that the fund will be helping India in accelerating its digital economy. The fund would be deployed through equity investments and tie-ups.
While taking part in the event, Sundar Pichai said "We will do this through a mix of equity investments, partnerships, infrastructure, ecosystem, and operational investments. This is a reflection of our confidence in the future of India and its digital economy".
Delhi: Prime Minister Narendra Modi and Google CEO Sundar Pichai today held a video conference over a wide range of issues.— ANI (@ANI) July 13, 2020
Sundar Pichai has now announced 'Google for India Digitisation Fund', through which they'll invest Rs 75,000 Cr or US$10 Bn into India over next 5-7 years pic.twitter.com/zlLgvqUDLY
Pichai further asserted that the company is proud to support Modi's vision for Digital India and the investment will focus on four key areas that are important to India's digitization. The Chief Executive said that the first area would be enabling affordable access and information for Indian citizens in their own language, whether its Tamil, Hindi, or Punjabi.
The second area would be building Google Products and services relevant to the needs of India and the third will be focussing on empowering the business while the fourth will be for social good - pumping Artificial Intelligence in areas like agriculture, education, and health. Sundar Pichai highlighted that "Our goal is to ensure India not only benefits from the next wave of innovation, but leads it".
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
He further stated that Google looks forward to working alongside with the Prime Minister and the Indian government and the businesses in the country to realize the shared vision for a Digital India. By describing the current situation as a difficult moment, Sundar Pichai asserted that the times of challenges can lead to the incredible moments of innovation. He added, "Working together we can ensure that our best days are still ahead".
On Monday, Sundar Pichai had a virtual meet with Prime Minister Modi. Taking to Twitter, Modi said that "This morning, had an extremely fruitful interaction with Sundar 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."
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
The Prime Minister also said that he interacted with Sundar Pichai 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". The Prime Minister's Office said Modi remarked that India is one of the most open economies in the world.