Google has reduced the price plans for its Google Drive service. The new monthly storage plan starts at $1.99 for 100 GB (previously $4.99), $9.99 for 1 TB (previously $49.99), and $99.99 for 10 TB, with even more storage plans available as per requirement.

According to Scott Johnston, director of Product Management, the company was able to cut the price plans due to recent infrastructure improvements.

This plan worked across Drive, Gmail and Google+ photos. The 15 GB of free storage plan remains intact. If you are paying for one of Google's storage services already, you'll be automatically moved to a better plan with no additional cost, Google reported.

As a result of this breaking news, can we expect a reprisal from Google's rivals Dropbox offering $9.99 for 100 GB per user, per month and Box offering $5 per user per month for 100 GB?

With the price cut, El Reg's cloud desk was confident that "Google will announce a significant gut-wrenching price reduction to its main cloud storage services within the coming month," The Register claimed.

In a world, where price rise is nothing but inevitable, it is good to hear some news that vendors might fight it out to offer lower prices for their cloud services.

Where Does Apple's iCloud Stand Compared to Google Drive?

These dramatic price cuts give Apple's iCloud storage services a run for its money. Apparently, Apple's iCloud service even on an annual basis is much higher.

According to 9to5mac, Apple charges $20 yearly for 15 GB, $50 yearly for 25 GB and $100 yearly for 55 GB. Google's service is ad-free while iCloud is not. Ultimately, Google offers the best deal by giving 15 GB for free to all users while Apple gives only a lowly 5 GB per Apple ID.