Budget 2024 Predictions on AI: How India's Tech Landscape Will Transform with Anticipated Initiatives?

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Budget 2024 Expectations on AI: In the upcoming Interim Budget 2024 to be announced by Finance Minister Nirmala Sitharaman at 11 am today, the government is expected to introduce some initiatives on artificial intelligence (AI) and other emerging technologies. As the country prepares for Budget 2024, the technology sector is abuzz with expectations. Key industry figures spanning AI, semiconductors and edtech outlined their aspirations and recommendations for government fiscal policies.

NITI Aayog has suggested a forward-looking strategy, proposing the establishment of Centers of Excellence (CoEs) to strengthen AI development and promote application-oriented research. In the last five years, AI has not only spanned various sectors, but has also become a recurring focus in the country's key financial document, the Union Budget. Finance Minister Nirmala Sitharaman's vision for the Union Budget 2023-24 is 'Make AI work in India and AI for India', indicating a commitment to harness the potential of AI to drive technological progress.

Also Read: Tech Budget 2024 Live Updates: FM at Parliament to present Interim Budget

Despite the Indian government's active promotion of AI, challenges persist in the widespread adoption of AI solutions, including positioning the country as an AI and analytics powerhouse. These challenges require a strategic approach, with industry stakeholders eagerly awaiting more robust policies and measures in the upcoming Union Budget 2024-25.

Implementation of different AI

Last year's Union Budget focused on improving the deployment of AI in critical sectors like agriculture, healthcare and sustainable cities. Industry stakeholders are now calling for its expansion into additional sectors, including telecommunications, where AI-powered voice agents have proven transformative, improving efficiency and user experience.

Financial support for mastery and integration of AI in education

An industry report highlights the demand for upskilling of 1.62 crore workers in AI and automation to address the existing skill deficit in India. The technology sector alone has the potential to create 4.7 million new jobs, which will serve to upskill the existing IT workforce of 4.6 million professionals by 2027. In line with the National Education Policy (NEP) 2020, integration is essential. Financial Express reports that AI, AR, VR, metaverse and other technologies have entered the education sector.

An Ethical AI Regulatory Framework

While AI promises to revolutionize technological development, the potential to disrupt established norms requires proactive legislation. The central budget should advocate for a “state-control” strategy in AI regulation, emphasizing government involvement in development and deployment to ensure ethical use and align technological progress with national strategic goals.

AI is promoting startup funding

India's tech startup ecosystem faces a slowdown in funding in 2023, with a 72 percent drop compared to 2022. To revitalize the AI ​​startup landscape, priority should be given to facilitating budgetary investment, catalyzing a strong funding scenario to encourage innovation, inspiration and entrepreneurship. Strengthen India's position in the global AI arena.

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