Alphabet Inc.’s Google plans to invest about $10 billion in India’s digital economy in the next five to seven years, an effort that could give the U.S. tech giant a slice of a market in which Facebook Inc. and other foreign companies are making inroads.
Sundar Pichai, chief executive of Google and Alphabet, said Google has created an India digitization fund and would invest via a mix of equity investments, partnerships and investments in operations and infrastructure.
He said spending would focus on efforts such as leveraging artificial intelligence in areas such as health, education and agriculture, as well as helping businesses undergo digital transformations.
“This is a reflection of our confidence in the future of India and its digital economy,” Mr. Pichai said.
“Our goal is to ensure India not only benefits from the next wave of innovation, but leads it,” he said.
In April, Facebook said it would invest $5.7 billion to become the largest minority shareholder in telecommunications and technology giant Jio Platforms, a subsidiary of Indian conglomerate Reliance Industries Ltd.