‘Bharat Saves’ – An initiative by Google

‘Invest better and save more’ is the motto of Google, for now.

The giant technology company Google, based in the US is planning to create a website named ‘Bharat Saves’. The website will focus on to cater information on financial planning.

Google is planning to link Jan Dhan Yojana, the government’s inclusion scheme with the ‘Bharat Saves’ website. Since the launch of Jan Dhan Yojana in 2014, over 24 crore bank accounts were being opened and Rs. 41,000 Crore deposited were done.

The digital platform will provide an access to a range of information on financial products and financial literacy tools. Various BFSI organizations and industry will be joining hands to launch the digital platform.

Google will design the mobile application and website of ‘Bharat Saves’. An awareness campaign will be done for enhancing the financial literacy.

Firstly, the user has to complete the modules of financial literacy.  The certification will be given by the Indian government along with Google and an industry organization for clearing the test on financial literacy.

Google will offer a separate section for the users who can compare and purchase insurance and banking products.

Small Business owners, farmers, retired persons and homemakers are assessed as the targeted audiences by Google for this platform.

Before the arrival of Google’s proposal to the government, Apple has pitched the deal of making Apple Pay which will provide services such as digital wallet, mobile payment and a financial inclusion program.

The government organized ‘Digital India’ program, has given Narendra Modi, the Prime Minister a platform to meet the CEOs of several technology giants.

Discussions on important issues took place at the Digital India forum during the PM’s visit to the US which took place in San Jose, California.

As per International Monetary Fund (IMF), there has been a remarkable fall in the saving rates. According to a research data, the savings of a household have deteriorated to a quarter of the disposal income.

The reason for the fall of the savings rate is the stagnant income during high inflation rate for many. According to the economists, one of the reasons is the lack of access to modern financial instruments.

Outsourcing Deals by Google will Bring Huge gain for Indian IT firms

Google stands out to be the hotshot cost-effective outsourcer of software services till today. This very stand alone feature of Google will help to bring lucrative and prestigious clients for Indian IT industry.

A few years back the same scenario happened when Apple outsourced a big chunk of their work to Indian IT Company i.e. Infosys and Wipro. Now it’s the turn for Google to do so and will able to get more like from the IT industry.

Google has already revamped their strategies regarding outsourcing and handed over many projects to many multinational IT giants such as Cognizant, IBM and Accenture.

Among Fortune 500 Company, Google holds a significant position and one of the companies who spends thousands of Dollars annually on Information Technology.

From long time, software maintenance and development project were maintained by Genpact and Infosys who are the third-party technology vendors, for California based Google, Mountain View.

Google has adopted a third new system of outsourcing strategy where all the non-core business parts like Software Development, Maintenance and IT Infrastructure management are outsourced to IT firms.

“For Google the outsourcing matter is not new because they generally outsource petty amount of work to third-party service providers. Now to gain more profit, Google is outsourcing non-core part of the business which is cost –effective too” said by a US based executive of a MNC IT service firm, which manages software projects for Google.

This paradigm shift in strategy of Google will bring good news for the homegrown software exporters like TCS and Infosys whose top executives will get a chance to negotiate with the parasol outsourcing company. Recently, Infosys managed to get some IT projects for Google.

Technology firm Cognizant and Google has declined to comment for the particular news piece.

The  strategy undertaken by Google is similar to the strategy used by Apple for outsourcing software development and maintenance to Indian IT service company like Infosys and Wipro. In fact, Infosys earns over $100 million annually from Cupetino, a California based firm and states Apple as a big strategic firm.

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