Google to invest $10bn in Indian digitisation fund

By Stermy 3 Min Read

Indian Prime Minister Narendra Modi had a virtual meeting with Sundar Pichai, the CEO of Google and Alphabet, who is 51 years old. This meeting happened on Monday.

This event took place about four months after the well-known American tech company, which recently reported revenues of $279.8 billion, said they would invest $10 billion in the digitalization fund of the country where Pichai is from.

Sundar Pichai, who originally comes from Tamil Nadu and went to school in what’s now known as Chennai, announced this big investment after talking with Modi during Modi’s visit to the United States in June this year.

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The “Times of India” writes: “During the interaction, Prime Minister and Pichai discussed Google’s plan to participate in expanding the electronics manufacturing ecosystem in India. The Prime Minister appreciated Google’s partnership with Hewlett Packard to manufacture Chromebooks in India. Prime Minister acknowledged Google’s 100 languages initiative and encouraged efforts to make Artificial Intelligence (AI) tools available in Indian Languages. He also encouraged Google to work on AI tools for Good Governance.”

The prestigious Indian newspaper added: “Prime Minister welcomed Google’s plans to open its global fintech operations center at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar. Pichai informed the Prime Minister regarding Google’s plans to improve financial inclusion in India by leveraging the strength and reach of GPay and UPI. He also emphasized Google’s commitment to contribute to the development trajectory of India. The Prime Minister also invited Google to contribute to the upcoming Global Partnership on AI Summit, which will be hosted by India in December 2023 in New Delhi.”

Google, which focuses on artificial intelligence, online advertising, search engine technology, cloud computing, computer software, quantum computing, e-commerce and consumer electronics, is now part of Indian IT sector, which bagged domestic and export revenues to the tune of $245 billion in FY 2023.

The sector overall employs 5.4 million people as of March 2023. According to various Indian media outlets, in the contemporary world economy, India is the largest exporter of IT. The contribution of the IT sector in India’s GDP rose from 1.2 percent in 1998 to 10% in 2019.

Exports dominate the Indian IT industry and constitute about 79 percent of the industry’s total revenue. However, the domestic market is also significant, with robust revenue growth.

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By Stermy
Stermy is one Crazy fan of the word "Internet". Always online to stay informed and keep others updated. #townflex