Technology giant Google has announced that it plans to invest over $10 billion in India over a period of 5-7 years. The company’s CEO Sundar Pichai made the announcement at 'Google for India' virtual event. The Google's investment in India will be made through equity investments and tie-ups, marking its biggest commitment to a growth market.

"This is a reflection of our confidence in the future of India and its digital economy," Sundar Pichai, CEO of Alphabet, said on a webcast during the annual 'Google for India' event.

He also added that Investments will focus on four key areas of India's digitization which includes enabling affordable access and information to every Indian in their own language, building new products and services relevant to India's unique needs, empowering businesses as they continue to embark in digital transformation, and also leveraging technology and Artificial Intelligence for social good in areas like healthcare, 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," he said.

"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," Pichai said.

Pichai also added, "Our goal is to ensure India not only benefits from the next wave of innovation, but leads it. Working together we can ensure that our best days are still ahead."

The investments will be done through a so-called digitization fund, highlighting Google’s focus on the rapid pace of growth of apps and software platforms in India, one of the world’s biggest internet services markets.

Pichai also shared the success of programs like Internet Saathi in India and claimed that it has helped over 30 million women across India to learn digital skills and incorporate them into their lives and the communities. Pichai also lauded Prime Minister Narendra Modi for the implementation of his vision Digital India which has made internet accessible to a billion Indians via cheap smartphones, affordable data, and world-class telecom infrastructure.

Source- Reuters