Yesterday, Sundar Pichai, the CEO of Google announced seventy-five thousand crore or ten billion dollars fund to put forward a helping hand to accelerate India’s digital economy. The fund is named as Google for India Digitalization Fund and it will be used for the upcoming 5 – 7 years. It would be used through tie-ups and equity investments.
This huge announcement was made through a webcast during the annual event of Google for India by Mr. Sundar. The event was attended by Ramesh Pokhriyal Nishank (HRD Minister) and Ravishankar Prasad ( Union IT Minister).
Mr. Prasad, who is India’s Minister of Communications, Electronics & IT, Law & Justice, shared his views for the digitalization of India during the event. His pre-recorded message of thanking Google for its investment in the fund was played during the presentation. He appreciated Google as defining it as a platform of change for digital awakening, innovation, empowerment, and information. He also mentioned about how Google has strengthened its deep roots in the nation. He talked about how this fund will help the bridge-building between the country and its digital divide. Prasad said “Happy to learn that Google is making a huge investment in the Google India Digitalization Fund. India’s moment has arrived in the digital space and I am glad that Google has recognized it.” India is a country with a huge population of 130 crores and more, and looking forward to fulfilling this digital need, he added that “Google’s initiative like Artificial Intelligence prediction is good, but India craves for more.”
News agencies quoted his exact statement where he excitedly announced about the fund and how will the company pull it to reality.
Excited to announce Google for India Digitisation Fund. Through it, we'll invest Rs 75,000 Cr or approx US$10 Bn into India over next 5-7 yrs.We'll do this through mix of equity investments,partnerships&operational infrastructure in ecosystem investments: Google CEO Sundar Pichai pic.twitter.com/HSDm0EDcty— ANI (@ANI) July 13, 2020
This generous fund is believed to be a reflection of Google’s confidence in India’s digital economy and the nation’s future, says the CEO of the company.
Mr. Pichai later tweeted for announcing the same to his followers and how proud the company is to support the Prime Minister’s dream of Digital India. He also thanked the ministers who attended the event.
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. https://t.co/H0EUFYSD1q— Sundar Pichai (@sundarpichai) July 13, 2020
During the announcement, the company mentioned that how this investment would solely concentrate on 4 areas that are the keys to Nation’s digitization. These 4 areas are:
- availing linguistic comfort (that means to provide necessary information for every Indian in their native language whether it is Hindi, Bengali, Punjabi, or any other and along with that enabling affordable access to the same.
- constructing new services as well as products to fulfill the country’s unique needs.
- strengthening business as they continue with or initiate their digital transformation.
- leveraging AI i.e. Artificial Intelligence and technology for social goods in areas like agriculture, health, education, and many others.
A discussion was held between Mr. Sundar Pichai and PM Narendra Modi where they exchanged words about a wide range of subjects. Later Prime Minister tweeted about it, mentioning some topics of their discussion.
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. pic.twitter.com/IS9W24zZxs— Narendra Modi (@narendramodi) July 13, 2020
In this situation where the whole nation has a heavy incline towards digital platforms whether for work or entertainment, this generous contribution will prove to beneficial.