NEW DELHI: Google has announced today (Monday) to invest $10 billion in India over the next five to seven years as it battles rivals like Facebook and Amazon.
While addressing the sixth annual edition of ‘Google for India’, Chief executive Sunder Pichai said that Google funds would help accelerate India’s digital economy and will include investing in local firms and infrastructure in areas like digital payments, education, and health.
Sunder Pichai said, “There’s no question we are facing a difficult moment today, in India and around the world. The dual challenges to our health and to our economies have forced us to rethink how we work and how we live.”
“However, times of challenge can lead to incredible moments of innovation,” Indian-born Pichai said. Earlier today (Monday), Indian Prime Minister Narendra Modi held a discussion with Google Chief Executive on a wide range of subjects.
Pichai briefed Narendra Modi on his plans, but a government statement suggested that Modi also expressed concerns about data security and privacy. Modi said that tech companies need to put in efforts to bridge the trust deficit.
Foreign firms have spent tens of billions of dollars in India in recent years. This has included only this year around $16 billion in investments from Facebook, Intel, and others in stakes in the digital services unit of Jio.
ADVERTISEMENT
