Google CEO Sundar Pichai announced a $10 billion investment in India on Monday at the Google for India virtual live-stream event.
The event focused on contributing to accelerate India’s digital economy with this investment over the next five to seven years.
Sundar Pichai, chief executive of Google, unveiled Google for India Digitization Fund through which the company will be making the investments in the country.
“Today, I’m excited to announce the Google for India Digitization Fund. Through this effort, we will invest ₹75,000 crores, or approximately $10 billion, into India over the next 5-7 years. 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,” Pichai said.
Investments will focus on four areas:
- First, enabling affordable access and information for every Indian in their own language, whether it’s Hindi, Tamil, Punjabi or any other
- Second, building new products and services that are deeply relevant to India’s unique needs
- Third, empowering businesses as they continue or embark on their digital transformation
- Fourth, leveraging technology and AI for social good, in areas like health, education, and agriculture
India is a key overseas market for Google, where a range of its products and services including Search, YouTube, and Android have made inroads with much of the entire online population. The nation of 1.3 billion people has emerged as perhaps the last great untapped growth market for American and Chinese giants.
More than 500 million people in India are online today and over 450 million smartphones are in active usage in the country.
Pichai said, “Our goal is to ensure India not only benefits from the next wave of innovation, but leads it. Working together we can ensure that our best days are still ahead.”