Google said yesterday it will invest $10bn in India over the next five to seven years as it battles rivals like Facebook and Amazon in the vast market of 1.3bn consumers.
Chief executive Sunder Pichai told a virtual Google in India event that its fund would help “accelerate India’s digital economy” and will include investing in local firms and infrastructure in areas like digital payments, education and health.
“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,” Pichai said.
“But times of challenge can lead to incredible moments of innovation,” Indian-born Pichai said according to a transcript of his remarks released by the US search engine giant.
Foreign firms have spent tens of billions of dollars in India in recent years as they fight for a piece of the Asian giant’s burgeoning digital economy.
This has included only this year around $16bn in investments from Facebook, Intel and others in stakes in the digital services unit of Jio, controlled by Asia’s richest man Mukesh Ambani.
Pichai yesterday briefed Prime Minister 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,” the statement said.
Earlier this month the Indian government banned 59 Chinese cellphone apps including the hugely popular TikTok over concerns the firms were passing user data to the Chinese government.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Mannai Corp reports healthy cash generationof QR340mn in first half
Boeing 737 MAX return outside US seen slowed by regulators
Testing, tracking and tracing vital for travel sector recovery
Airbus presses on with new plane seen as immune to travel slump
QSE surpasses 9,550 level as most sectors witness higher demand
Cathay Pacific posts $1.27bn loss in first-half of this year
China’s car recovery gathers pace with July sales accelerating
Sensex halts four-day winning streak as data show recovery woes
Asia markets mixed as trade hopes play against stimulus worries