Google invests $10 billion to digitise India's economy.
Technology giant Google, owned by Alphabet Inc, announced plans to invest $10 billion in India over the next five years to help digitise the Indian economy. At the Google for India 2020 event, Alphabet and Google CEO Sundar Pichai commented that the Google for India Digitisation Fund will assist India's Prime Minister Narendra Modi in helping to accelerate the economy which is quickly becoming a battleground for global technology giants.
Only recently, Jeff Bezos, founder of Amazon, announced he would invest $1 billion into digitising small and medium businesses in India. Facebook has invested $5.7 billion in the digital platform of Reliance Industries, India's biggest conglomerate. Google will invest its $10 billion into a mix of partnerships, equity and infrastructure investments.
The trend to invest in India is due to the potential of the world's second-most populated country and its 500 million internet users and more than 450 million smartphone users. Half the population is still yet to go online, making India one of the biggest, untapped markets in the world.
According to Google's blog, investments will focus on four key areas important to India's digitisation:
- 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
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