3 Things To Know About Google for India Digitization Fund India is home to nearly 500 million internet users and over 450 million smartphone users. Google for India Digitization Fund aims to accelerate India's growing digital economy.
By Priya Kapoor
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Tech giant Google is making a gargantuan investment for its India's digitization fund. Google and Alphabet Chief Executive Officer (CEO) Sundar Pichai shared this with Prime Minister Narendra Modi while he was in Washington on Friday. Entrepreneur India takes a look at three things about Google for India Digitization Fund that you should know.
$10 billion amount: Announced in 2020 to help accelerate India's digital economy, the amount of money committed by Pichai for the digitisation fund is a staggering $10 billion, (approx INR 80,000 crore). Google CEO Sundar Pichai after meeting PM Modi, said, it was an honor to meet PM Modi during the historic visit to the US. His vision for digital India serves as a blueprint for other countries.
PM @narendramodi interacted with CEO of Alphabet Inc. and @Google @sundarpichai. They discussed measures like artificial intelligence, fintech and promoting research and development. pic.twitter.com/ae42p8EIrR
— PMO India (@PMOIndia) June 23, 2023
Investment to be made via different routes: The giant will make this investment through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments. Over the years, the company has invested in many Indian businesses through Google, as well as through its growth equity investment fund CapitalG. "This is a reflection of our confidence in the future of India and its digital economy," Pichai stated in his earlier blog.
Focus on four main areas: The fund targets four main areas that are important to India's digitisation. First, to enable affordable access and information for every Indian in their own language, whether it's Hindi, Tamil, Punjabi or any other. Second, to build new products and services that are deeply relevant to India's unique needs. Third, to empower businesses as they continue or embark on their digital transformation. And lastly, leveraging technology and AI for social good, in areas like health, education, and agriculture.
"We are continuing to invest, including in companies working on AI. Also we have 100 languages initiatives. We are also bringing BARD to Indian languages," informed Pichai after meeting PM Modi.
Besides this, Google has also announced the opening of Google Fintech Global Operations Center in GIFT City, Gujarat, with teams working on specialized operations supporting GPay and other product operations at Google.
The tech giant is operational in India since 2004, with offices in five key cities (Bengaluru), Hyderabad, Gurgaon - Delhi NCR, Mumbai and Pune) and has thousands of talented employees.
