Context: Recently, the technology giant Google will invest $10 billion (₹75,000 crore) in India over the next five-seven years as ‘India Digitization Fund’.
Significance of India Digitization Fund for India
- It will focus on digitising the economy and building India-first products and services.
- The investment will focus on four areas which are important to digitization including:
- enabling affordable access and information for every Indian in their own language,
- building products and services that are deeply relevant to India’s unique needs,
- empowering businesses in their digital transformation journey; and
- leveraging technology and AI for social good, in areas like health, education, and agriculture.
- It assumes particular significance given the impending gap in the country’s tech investment ecosystem following the Centre’s clampdown on Chinese technology firms.
- The investments will be made through a mix of equity investments, partnerships, operations, infrastructure and ecosystem investments.
- The investments include Google’s existing projects such as Internet Saathi for spreading awareness of the Internet in rural villages and an artificial intelligence-based flood forecasting system.
- The $10 billion as part of the ‘Google for India Digitization Fund’ will boost Indian companies in Google’s portfolio.
Significance of India Digitization Fund for Google
- It will present an opportunity for tech majors like Google to grow their share in India’s internet pie.
- The potential hurdles for Chinese companies investing in India could provide better prospects for American giants to strengthen their position in a market which has the second-most Internet users in the world.
Source: The Indian Express