Google to invest $10bn in Indian digitisation fund

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Sundar Pichai, the 51-year-old CEO of Google and Alphabet, and Indian Prime Minister Narendra Modi virtually interacted on Monday.

This development has taken place some four months after the globally renowned American multinational technology company, with recently reported revenues of $279.8 billion, announced to invest US$10 billion in the digitization fund of its sitting Chief Executive Officer’s country of origin.

Pichai, who was born in Tamil Nadu and studied in Madras (now Chennai), announced the investment after a one-on-one meeting with Modi in June.

According to the “Times of India”, Prime Minister Modi and Pichai discussed Google’s plan to expand the electronics manufacturing ecosystem in India. Google’s partnership with Hewlett Packard to manufacture Chromebooks in India was appreciated by the Prime Minister. The Prime Minister recognized Google’s 100 languages initiative and encouraged the development of Artificial Intelligence (AI) tools in Indian languages. Additionally, he encouraged Google to develop AI tools for good governance.”

Google will open its global fintech operations center at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar, according to a prestigious Indian newspaper. Using the strength and reach of GPay and UPI, Pichai informed the Prime Minister about Google’s plans to improve financial inclusion in India. Moreover, he emphasized Google’s commitment to contribute to India’s development trajectory. India will host the Global Partnership on AI Summit in December 2023 in New Delhi, and the Prime Minister invited Google to participate.”

In FY 2023, Google generated revenue of $245 billion from domestic and export revenues in the Indian IT sector, which specializes in artificial intelligence, online advertising, search engine technology, cloud computing, computer software, quantum computing, and consumer electronics.

As of March 2023, the sector employed 5.4 million people. Various Indian media outlets report that India is the world’s largest exporter of IT. In 2019, the IT sector contributed 10% to India’s GDP, up from 1.2 percent in 1998.

Almost 79 percent of the Indian IT industry’s revenue comes from exports. The domestic market is also significant, with robust revenue growth.

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