Amazon (AMZN) pledged $1 billion in January, Facebook (FB) invested nearly $6 billion in late April and Google (GOOGL) topped them all last week with a $10 billioncommitment. They're part of a wave of investment into India's tech industry this year that's now well over $20 billion, with most of it coming from the United States.
The magnitude and sources of those investments would have seemed highly unlikely, if not outright unthinkable, just months ago when all those technology companies were on a collision course with Indian regulators and tech CEOs were getting the cold shoulder on visits to New Delhi.
A lot has changed since then. The coronavirus has ripped through the global economy, hitting India particularly hard. India's diplomatic spat with China has spilled over into tech, aligning it with the Trump administration's own distrust of Chinese companies. And while India has always been a big draw for US tech firms, the diminishing scope for tech cooperation with China and new threats to their footholdin places such as Hong Kong are giving new importance to the Indian market.