Google collaborates with Govt of India to support MSMEs
On Thursday, Google went into an agreement with the Small Industries Development Bank of India (SIDBI) to launch a $15 million (about Rs 110 crore) financial assistance programme, enabling micro-enterprises to avail loans of Rs.25 lakh to Rs.1 crore at competitive interest rates.
Google stated, “The programme is aimed at fulfilling the credit needs of Indian micro-enterprises, helping them make investments in their business operations, such as purchasing new machinery and equipment, production infrastructure, and working capital requirements.”
The programme will prioritize women-owned businesses and those engaged in the production of equipment for the country’s fight against the pandemic.
Union Minister of State for IT Rajeev Chandrasekhar said, “Collaborations between the government and industries will go a long way in reinforcing India’s and Prime Minister Narendra Modi’s ‘Atmanirbhar Bharat‘ mission. To achieve this, we must focus on skilling, talent development, and the capabilities India needs to become a significant digital economy player globally.”
Google has been invited to help India realize its $1 trillion digital economy goal by 2025. Collaboration between the government and Sundar Pichai-run Google will help Indian startups emerge stronger in the new normal during the pandemic.
Google in July last year announced to invest about Rs.75,000 crore ($10 billion) in India in the next five to seven years.
The minister said that India is on track to attain new heights of digital empowerment under Prime Minister Narendra Modi’s vision of Digital India.
“We have formulated the vision to make India a $1 trillion digital economy by 2025. Our priority is to improve the nation’s connectivity and make India the largest connected nation by bringing all citizens online in an open, safe, trusted, and accountable internet era,” Chandrasekhar said.
The ministry has also emphasized the growth in electronics manufacturing in India. The minister said that India is at the cusp of becoming a leading player in the evolving global value chain for the electronics manufacturing ecosystem.
“Last year, when Google announced its plans to invest $10 billion in India with a goal to fast-track, assist and be a partner in India’s digital transformation, the government welcomed Google’s contributions not just with the investments but also with their technology and platforms to accelerate the digital adoption. This relationship makes our ‘Digital India’ story one of empowerment and inclusion,” Chandrasekhar noted.
Union Education Minister Dharmendra Pradhan said at the event that with the digital economy’s potential to add millions of jobs, the government is committed to providing Indians every opportunity to upskill.
“It is heartening to see Google Career Certificates provide training in digital skills and launch an employer consortium to facilitate employment. If every Indian citizen has access to digital skills, it will not be long before India becomes one trillion-dollar digital economy,” he said.
[With Inputs from IANS]
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