India’s economy is in a terrible place, yet the world’s largest technology firms can’t stop placing bets on the country.
On July 13, internet search major Google said it would invest $10 billion (Rs75,000 crore) in India over the next five to seven years. The investments, according to CEO Sundar Pichai, will be made in forging new partnerships, and in building stronger infrastructure and ecosystems. The move “is a reflection of our confidence in the future of India and its digital economy,” the company said in a blog post.
Google’s commitment comes just months after US-based social networking giant Facebook invested $5.7 billion in Jio Platforms, the digital and internet subsidiary of Reliance Industries, to further its hold in “India’s vibrant digital economy.” And in January, American e-commerce major Amazon had committed a $1 billion investment in India over the next five years. The Jeff Bezos-led company has already invested over $5.5 billion in India.