Google strategically invests in India's MSME market, digital transformation initiatives

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Google strategically invests in India's MSME market, digital transformation initiatives

Google strategically invests in India's MSME market, digital transformation initiatives

Industry News
Dec 15,23

Acknowledging the challenge of limited credit access hindering MSME growth in India, Sanjay Gupta highlighted the country's underdeveloped MSME sector, contributing only 28 to 29% of GDP compared to 55 to 60% in the US and China.

Google strategically invests in India's MSME market, digital transformation initiatives

In an exclusive interview with Mint, Sanjay Gupta, the Country Head and Vice President of Google India, revealed that Google is strategically investing in digital payments to bolster the dynamic Micro, Small, and Medium Enterprise (MSME) market in India. Gupta emphasised Google's broader vision, aiming to go beyond payments and empower India's MSME sector through financial inclusion.

Acknowledging the challenge of limited credit access hindering MSME growth in India, Gupta highlighted the country's underdeveloped MSME sector, contributing only 28 to 29% of GDP compared to 55 to 60% in the US and China. He emphasised the transformative potential of making credit easily accessible to every Indian, envisioning it as a game changer.

Gupta mentioned Google Cloud's support for the Open Network for Digital Commerce (ONDC) as a key initiative to foster a thriving digital commerce ecosystem, ultimately boosting MSME activity.

Furthermore, Gupta outlined Google's vision of smartphones as gateways to citizen services, leveraging AI to personalise and simplify access in local languages, breaking down language barriers in an English-dominated internet landscape.

Amid the challenges posed by the COVID-19 pandemic, Google took proactive steps to support the struggling media industry. Recognising the crucial role of media in informing and engaging communities, Google implemented initiatives to assist both small and large publishers.

One significant initiative involved opening up the Discover platform, a prime space for brand visibility, to a wider range of media publishers. This move provided small businesses with a valuable opportunity to showcase their brands to a vast audience, fostering brand awareness and growth.

Moreover, Google offered access to cutting-edge technology and tools to help publishers optimise their content, enhance user engagement, and generate revenue. Through these actions, Google played a pivotal role in not only helping small businesses and publishers survive but also thrive during the challenging times of the pandemic.

Source: Mint