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Google’s Rs 75,000-Crore Fund To Help Accelerate India’s Digital Economy

“This is a reflection of our confidence in the future of India,” Sundar Pichai stated. (File)

New Delhi:

A brand new Rs 75,000-crore fund has been introduced by Google to assist speed up India’s digital financial system, its Chief Executive Officer Sundar Pichai stated as we speak, asserting that “we are proud to support” Prime Minister Narendra Modi’s imaginative and prescient.

Marking certainly one of its largest commitments to a development market, the tech large stated the fund could be used over the following 5 to seven years by way of fairness investments and tie-ups. 

“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,” Mr Pichai, the 48-year-old Indian-American Google CEO, wrote in a tweet.

“This is a reflection of our confidence in the future of India and its digital economy,” Mr Pichai stated on a webcast in the course of the annual ‘Google for India’ occasion.

“Investments will focus on four areas important to India’s digitization,” Google stated in a press release.

“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,” it stated.

Just 4 years in the past, solely one-third of all small companies in India had a web-based presence. Today, 26 million “SMBs (small and midsize businesses) are now discoverable on Search and Maps, driving connections with more than 150 million users every month,” in keeping with the assertion. 

“Our goal is to ensure India not only benefits from the next wave of innovation, but leads it,” it learn.

Earlier as we speak, PM Modi tweeted he had “an extremely fruitful interaction” with Mr 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,” the Prime Minister tweeted.

In one other submit, PM Modi wrote: “During our interaction, @sundarpichai and I spoke 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.”

A press release from his workplace stated that in the course of the interplay, the Prime Minister “remarked that India is amongst the most open economies in the world”. 

The Prime Minister “discussed the issue of data security and concerns around privacy,” including that “tech companies need to put in efforts to bridge the trust deficit”. 

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