From UPSC perspective, the following things are important :
Prelims level : Google for India Digitization Fund (GIDF)
Mains level : Digital India
Technology giant Google will invest $10 billion (₹75,000 crores) in India as part of the ‘Google for India Digitization Fund (GIDF)’.
Practice question for mains:
Q.Discuss the role of foreign investment in the digital transformation of India.
- The GIDF focuses on digitizing the economy and building India-first products and services.
- The plan is in line with big-tech’s bullish outlook on India. Earlier this year, Amazon said it would invest an additional $1 billion in India.
- This was followed by a marquee investment announcement of $5.7 billion by Facebook in the country’s largest telecom company Reliance Jio.
- Last month, Microsoft’s venture fund M12 said it would open an office in India to pursue investment opportunities focusing on B2B software startups.
The investment will focus on four areas 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.