Google and Amazon commit to Modi to invest $25 Billion in India
In a significant move to bolster India's digital economy, global tech giants Google and Amazon have jointly pledged a massive investment of $25 billion. Sundar Pichai, CEO of Google, announced the company's commitment to invest $10 billion in India's digitisation fund during a meeting with Prime Minister Narendra Modi in Washington, D.C. Furthermore, Google unveiled its plans to establish a state-of-the-art global fintech operation centre in Gujarat.
During the same visit, Amazon's President and CEO, Andrew R. Jassy, also met with Prime Minister Modi to discuss avenues for collaboration. Expressing their enthusiasm for the Indian market, Amazon disclosed its intention to invest an additional $15 billion in the country, raising its total investment to a staggering $26 billion. Jassy highlighted Amazon's previous investment of $11 billion in India, underlining their commitment to the nation's growth and potential.
The meetings with the Indian-origin CEOs of Google and Amazon were met with great enthusiasm by Prime Minister Modi, who extended an invitation to further explore partnerships in key domains such as Artificial Intelligence (AI), fintech, cybersecurity products and services, as well as mobile device manufacturing within India. The Ministry of External Affairs (MEA) stated that discussions also encompassed collaborations between Google and Indian academic institutions to drive research and development (R&D) and skill enhancement.
Following the meeting, Pichai expressed his optimism, stating, "We shared with the Prime Minister that Google is investing $10 billion in India's digitisation fund... We are thrilled to announce the opening of our global fintech operation centre in GIFT city, Gujarat." Pichai also lauded Prime Minister Modi's visionary Digital India initiative, noting its influence on global strategies. He eagerly anticipated India's progress with the additional $10 billion investment, highlighting initiatives such as developing a unified AI model capable of accommodating over 100 Indian languages and supporting a multidisciplinary centre for responsible AI in collaboration with IIT Madras.
Meanwhile, Jassy emphasised the shared goals between Amazon and Prime Minister Modi, describing their conversation as "very good and productive." Recognising Amazon as one of the largest investors in India, Jassy disclosed the company's plans to invest an additional $15 billion, reaching a total investment of $26 billion. He outlined Amazon's commitment to job creation, digital empowerment of small and medium-sized businesses, and facilitating the global export of Indian companies and products.
The meetings with the CEOs of Google and Amazon reflect the growing interest and confidence in India's digital economy, with both companies recognising the nation's potential as a thriving market. The investments are expected to catalyse India's technological advancement and further cement its position as a global hub for innovation and digital transformation.