Google Plans Digital Push To Unlock Country’s MSME Potential

Google is set to make a strategic investment in digital payments, aiming to strengthen the micro, small, and medium enterprise (MSME) market in India, according to Sanjay Gupta, the country head and Vice President of Google India. Beyond payments, Google aims to enhance India's MSME potential through initiatives focused on financial inclusion and digital empowerment.

Recognizing the hindrance to MSME growth caused by limited access to credit, Gupta highlighted the disparity in MSME contributions to GDP between India (28-29 per cent) and the US and China (55-60 per cent). He emphasized the need to address the lack of easily accessible capital in India, asserting that enabling affordable credit for every Indian in a simple and easy manner could be transformative.

Google Cloud's collaboration with the Open Network for Digital Commerce (ONDC) aims to develop a robust digital commerce ecosystem, further stimulating MSME activity, Gupta shared.

In October this year, the IT giant had announced plans to offer a range of credit products to consumers and small businesses in India through partnerships with lenders and financing companies. Google Pay will collaborate with accredited financial institutions to underwrite the credit, while ensuring responsible lending practices. The company will extend small-ticket loans, starting at INR 15,000, to merchants in collaboration with NBFC firm DMI Finance.

Leveraging Artificial Intelligence

Going beyond payments, Gupta outlined Google's vision of smartphones as gateways to citizen services. Leveraging artificial intelligence (AI), the company plans to personalize and simplify access to these services in local languages, overcoming the challenges posed by an English-dominated internet.

Amid the challenges brought about by the COVID-19 pandemic, Google stepped in to support the struggling media landscape. Acknowledging the pivotal role of media in informing and engaging communities, Google implemented initiatives to assist both small and large publishers.

To Help Enhance Brand Visibility

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

Google further supported publishers by granting access to cutting-edge technology and tools, aimed at optimizing content, enhancing user engagement, and generating revenue. Through these measures, including the opening of the Discover platform and investments in digital transformation initiatives, Google played a pivotal role in assisting small businesses and publishers to thrive amidst the challenges posed by the pandemic.