Google, the biggest internet search company in the world, has cut the prices for Google Drive cloud storage subscriptions by 80%, putting immense pressure on competition to cut price. According to latest prices announced by Google, the basic 15GB storage on Google Drive is still free, but one has to pay an additional amount of $1.99 per month for 100 GB data storage.

The novel step marks significant shift in the cloud storage space, especially when many people depends on digital storage over built-in and external drives. The previous drop in the prices was two years back, but this year's latest drop in prices marks positive sign for chromebook owners.

Moreover, Google offers one TB storage subscription for just $9.99 per month, which was originally $49.99 per month. Also, the cost of 10TB storage on Google Drive is $99.99 per month. This latest scheme by Google is highly unusual for normal consumers but can prove beneficial for small businesses or consumers that are highly dependent on cloud storage.

Scott Johnston, Google's director of product management, said that this decline in prices of cloud storage subscriptions has become possible due to number of recent infrastructure improvements.

This reduction in prices of the storage has also marked the competition with a huge margin with companies like Microsoft which offers 100GB cloud storage on its One Drive cloud storage for $49 and Dropbox offers the same storage for $99 per year.

Whereas, the annual price for 100GB storage comes up to $24 for Google, which is less than half the offer provided by other companies.

Among other achievements of Google is the launch of Google Apps for Business Referral Program earlier this week. This App offers users a chance to individuals to earn $15 for every successful signup.