Google CEO Sundar Pichai announced a $10 billion GoogleForIndia Digitisation Fund. The investment will be done through a mix of equity investments, partnerships and operational infrastructure in ecosystem investments, Pichai said.
Google CEO Sundar Pichai on July 13 announced a $10 billion GoogleForIndia Digitisation Fund. Under the fund, Google will invest roughly Rs 75,000 crore in India over the next 5-7 years. "I am glad to announce – Google for India digitization fund – it's $10 billion dollars for India alone," Sundar Pichai said in a tweet.
The internet giant's investment will be done through a mix of equity investments, partnerships and operational infrastructure in ecosystem investments, he said.
"This is a reflection of our confidence in the future of India and its digital economy," said Pichai, who is the CEO of both Google and its parent company Alphabet.
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
Google India Digitization Fund will be used for investments in Indian innovations and development of infrastructure, Sundar Pichai said.Pichai said he wanted India not only to benefit from next wave of innovation but to lead it. Google, he said, will focus on the following four areas of investment;
- affordable access to Indian languages
- building new products and services unique to India
- empowering business, and
- leveraging artificial intelligence (AI) in health, education and agriculture
"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.
PM Modi had tweeted, "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."
"Prime Minister said that Indians are adjusting to and adopting technology at a rapid pace. He talked about farmers benefiting from technology and the possible wide-ranging benefits of AI in agriculture. Prime Minister explored the idea of virtual labs that can be used by students as well as farmers. Sundar Pichai briefed the PM about new products and initiatives by Google in the country," the Prime Minister's Office said in a statement.
Google India CEO Sanjay Gupta on July 13 said India has more than 500 million active internet users with more than 450 million using a smartphone.In a separate announcement made at the Google-for-India event, the company said it will partner with 1 million teachers across 22,000 Central Board of Secondary Education (CBSE) schools by December-end.