Sundar Pichai, CEO at Google (1), has announced that the US-giant will be investing $10 billion into India over the next 5-7 years via the ‘Google for India Digitization Fund’ as the company looks to help accelerate the adoption of digital services in the key overseas market.
Pichai tweeted, “I am glad to announce – Google for India digitization fund – it’s $10 billion dollars for India alone.”
The investment would be made through a mix of equity investments, partnerships, and operational infrastructure in ecosystem investments.
The major investment is significant as it comes amidst the COVID-19 pandemic, a time where multinational companies are looking across the globe for alternative investment destinations.
India- a great untapped market for US & Chinese giants
India is regarded as a key market for Google, where a range of its products and services, including Google Search, YouTube, and Android, are a part of the lives of almost the entire population of 1.3 billion. It is the last great untapped market for American and Chinese giants.
PM Modi & Pichai interacted via video conferencing earlier on 13th July, where they discussed a range of subjects such as data security, new work culture in Coronavirus times, and cyber safety. Union Minister Ravi Shankar Prasad also attended the sixth annual edition of Google for India.
While talking about technological growth in India, Pichai mentioned that when he was young, he used to wait for new opportunities to learn and grow from the latest technology, which would arrive in India from someplace else. But today, a bunch of technologies are happening in India first.