On 13 July 2020, Google CEO Sundar Pichai announced the launch of the Google for India Digitization Fund. 10 billion dollars will be invested into India over the next few years to promote the growth of its digital economy.
Technology platforms and the Indian government may not have always seen eye to eye, but Pichai is confident in the abilities of India to rise in the world of tech. The Indian market is becoming a bigger priority for tech platforms. Facebook had even invested 5.7 billion dollars into Indian internet service provider, Reliance Jio, which allowed it to find new ways to penetrate the Indian market.
Facebook has been finding ways to further establish its platform as a viable eCommerce tool in India. While India is still working on the digitization of its market, it’s already the second largest smartphone market, second only to China. Analysts expect that there would be roughly 850 million Internet users across India within the next couple of years.
India’s immense potential in the realm of tech has tech giants like Google and Facebook racing to establish the presence of their platforms within the Indian market. Both may already have their ins, as Facebook has Whatsapp, which is the most popular messaging app in India, and Google has Android, which is the dominant mobile operating system worldwide.
Only time will be able to tell how much influence Google and Facebook would have within the region. They could both expect high returns on their big investments in the future. Pichai himself is excited for what’s to come and had this to say:
“When I was young, every new piece of technology brought new opportunities to learn and grow. But I always had to wait for it to arrive from someplace else. Today, people in India no longer have to wait for technology to come to you. A whole new generation of technologies is happening in India first.”
Amid tensions and the impact of the coronavirus pandemic, the Indian tech market looks promising as it continues to develop and progress. More and more local businesses are looking to take their business online, and with these new additions to the online market, the overall market will become more diverse.
The stronger presence of India in the online market would open a whole new range of possibilities and will expand the reach of various tech platforms. The recent ban on Chinese apps within India presents a challenge, but there are still large opportunities for tapping into the Indian market. All in all, things look promising for India’s digital future.
Implication for Marketers:
The opportunities for this fast-rising market are endless. This will allow more businesses to tap into the Indian market and add a whole new dimension to their metrics. Marketers are offered new demographics to work with and opportunities to further expand and develop their marketing strategies.