“India is on track to become the world’s third-largest economy by 2027, surpassing Japan and Germany, and have the third largest stock market by 2030, thanks to global trends and key investments the country has made in technology and energy”, says the Morgan Stanley report. All the major international and national consulting firms, like KPMG, Deloitte, IMF, RBI, and others, have projected growth in the Indian economy in the coming 5 years. For complete reading: Click Here
Google India 2023 ended on October 19, and the parent company ‘Google Alphabet’ made five major announcements based on their observations and market research on the Indian growth forecast and its growing CAGR.
At the Google India 2023 event in New Delhi, the company announced new generative AI-powered launches, partnerships, and investments.
According to Google, over the past year, teams in India and the world have been building a more useful and inclusive internet experience.
And, at the ninth annual Google for India event, they said that they are in the process of building to meet the diversity of the country’s local languages, building tools to deliver better experiences between merchants and shoppers, and utilizing the power of India’s home-grown digital public infrastructure.
And, to leverage the uprising market of the Indian economy, below are five initiatives announced during ‘Google India 2023’.
#1 Pixel smartphones will be made in India:
Google will soon start manufacturing Pixel phones in India after receiving encouraging responses from Indian mobile buyers. This effort will help Google meet the requirements of the domestic mobile market, and the Pixel phone will be more widely available across the country. During the event, Google said, “We intend to start with the Pixel 8 and will partner with international and domestic manufacturers to produce Pixel smartphones locally. We expect them to start to roll out in 2024, joining India’s momentous “Make in India” initiative.”
#2 Making Google Products and Experiences Better through AI and Local Partnerships:
Through this initiative, Google will show a more visual and local generative AI experience on Search. This will soon start surfacing AI-powered overviews for over 100 crucial government programs around employment, housing, healthcare, farming, women’s welfare, and more. These artificial intelligence-based search features will help small businesses show up better in results with a more visual, relevant, and easily filterable product feed. The best part of these Google-enriched AI search results is that they will be able to easily create high-quality catalogs of their products to deliver richer shopping experiences.
#3: Expanding the reach of formal credit and financial loans in India
“The Indian Payments Handbook: 2022–27″, has projected that UPI will achieve a groundbreaking milestone of 1 billion daily transactions by 2026–27. To leverage India’s FinTech potential, Google is planning grass-level interventions. Google is updating its ‘G-Pay’ transaction platform to meet the financial ecosystem by collaborating with partners like banks and NBFCs.
It is formally announced that Google Pay users will now be able to easily find and make payments for pre-approved credit lines from banks. This financial loan model is built on a foundation of consent and privacy safeguards and will enable millions of underserved but eligible Indians to get amounts on credit and loans.
“We also announced that India’s small businesses will now have access to formal credit with more flexibility and convenience to meet their working capital needs”, announced Google during the event.
Download Here PwC India Report on The Indian payments handbook’ for the period 2022–2027
#4 SUPER App ‘A’: Google Cloud infrastructure for citizen-centric services solutions and promotions through
Google will launch an inclusive and multilingual super-app called “A.”. This will help Google expand technology’s benefits to people and small businesses across India. It will be done through Google Cloud with collaborations with the country’s key organizations. The purpose of the super-app called “A” is to grow people’s awareness and access to government social welfare programs, basic day-to-day amenities, employment opportunities, and healthcare benefits.
In the event, Google said, “This app will use Google Cloud’s infrastructure to help bring access to Indians across the country, whether they live in rural or urban areas. We also announced an expanded partnership with the Open Network for Digital Commerce (ONDC) to help farmer producer organizations more efficiently and easily sell their produce online and a collaboration with the international arm of the National Payments Corporation of India (NPCI) to introduce real-time payment systems via UPI for easier overseas payments.”
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#5 DigiKavach: Strengthening the safety of the Indian Internet through
DigiKavach, an internet security initiative, will be launched by Google. This will ensure digital safety for both individuals and society as a whole. Google DigiKavach will ensure trust and avoid digital fraud in India. This digital security initiative will function in collaboration with industry partners and agencies working to combat online financial fraud. The Google DigiKavach program will also study how scammers operate and work in tandem to protect users from new emerging scams.