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Business EconomyPosted at: Jul 13 2020 4:54PM


Google CEO Sundar Pichai announces USD 10 bn to help accelerate India’s digital economy

New Delhi, Jul 13 (UNI) Google CEO Sundar Pichai on Monday announced a USD 10 billion Google for India Digitization Fund to help accelerate India’s digital economy.
''Today at GoogleForIndia we announced a new $10B digitization fund to help accelerate India’s digital economy. We’re proud to support PM Narendra Modi’s vision for Digital India - many thanks to Minister Ravi Shankar Prasad & Minister Dr Ramesh Pokhriyal Nishank for joining us,'' said Mr Pichai in his tweet.
''Today, I’m excited to announce the Google for India Digitization Fund. Through this effort, we will invest Rs 75,000 crore, or approximately USD 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,'' he said.
Prime Minister Narendra Modi interacted with Mr Pichai on using the power of technology to transform the lives of India’s farmers, youngsters and entrepreneurs. ''This morning, had an extremely fruitful interaction with sundarpichai. 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 said in a tweet.
Investments will focus on four areas important to India’s digitization: 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.
''As we make these investments, we look forward to working alongside Prime Minister Modi and the Indian government, as well as Indian businesses of all sizes to realize our shared vision for a Digital India,'' said Mr Pichai, according to a company statement.
''There’s no question we are facing a difficult moment today, in India and around the world. The dual challenges to our health and to our economies have forced us to rethink how we work and how we live,'' it said.
One of the most exciting success stories has been the digitization of small businesses. 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. This has made it possible for more small businesses to become part of the formal economy, and it improves their access to credit.
The global pandemic has supercharged the adoption of digital tools. Digital payments, for example, have enabled families across India to access goods and services during lockdowns, the statement added.
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