Sundar Pichai Commits $10 Billion to India’s Digitisation Fund, Launches Fintech Centre in Gujarat
- ByStartupStory | June 24, 2023
In a meeting with Prime Minister Narendra Modi, Google CEO Sundar Pichai revealed that the tech giant plans to open its global fintech operation centre in Gujarat and invest $10 billion in India’s digitisation fund. The announcement comes as a significant development after PM Modi’s visit to the United States.
Pichai expressed his appreciation for the meeting with PM Modi, stating, “It was an honour to meet PM Modi during the historic visit to the US. We shared with the prime minister that Google is investing $10 billion in India’s digitisation fund. We are announcing the opening of our global fintech operation centre in GIFT City, Gujarat.”
Highlighting Google’s commitment to India, Pichai added, “We are continuing to invest through that, including in companies working on artificial intelligence. As part of that, we have a 100-language initiative. We are bringing bot to more Indian languages very soon.”
The Gujarat International Finance Tec-City, known as GIFT City, is located in Gandhinagar. Google’s decision to establish its fintech centre in Gujarat signifies the state’s growing prominence in the global tech and finance sectors.
Back in July 2020, Google had declared its intention to invest $10 billion in India over the next five to seven years, aiming to accelerate the adoption of digital services in the country.
In December of the same year, Pichai had previously stated that a portion of the India Digitisation Fund (IDF) would be directed towards Indian startups, with a specific focus on supporting ventures led by women. One-fourth of the $300 million fund was allocated for investments in women-led entities.
The meeting between PM Modi and President Joe Biden at the White House also included discussions with prominent business leaders. Attendees included Microsoft CEO Satya Nadella, NASA astronaut Sunita Williams, Mahindra Group Chairman Anand Mahindra, Reliance Industries Chairman & MD Mukesh Ambani, Zerodha & True Beacon Co-Founder Nikhil Kamath, and Sam Altman of OpenAI.
The announcement of Google’s significant investment and the establishment of its fintech centre in Gujarat is expected to further bolster India’s digitisation efforts and strengthen the country’s position in the global tech landscape.
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