Budget 2019: Startups cheer Nirmala Sitharaman’s focus on ‘new-age’ AI, IoT skills to meet demand for tech talent

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Updated: July 13, 2019 6:56:35 PM

Budget 2019-20: The demand for the number of roles in AI and big data in India stood at around 5.1 lakh in 2018 that is expected to grow at a CAGR of around 16 per cent to about 8 lakh to 2021, as per Nasscom.

Union Budget 2019 India, Budget 2019, Budget 2019 India, Budget 2019-20Union Budget 2019 India: The government intends to set up 80 LBIs and 20 TBIs in 2019-20.

Budget 2019-20: Lack of quality talent has been among the known issues that small businesses and startups face in scaling their businesses. Moreover, the increased significance of deep technologies including artificial intelligence (AI), machine learning (ML), augmented and virtual reality (AR/VR), internet of things (IoT), etc., globally for faster technology development, adoption, and customer satisfaction has augmented the need for developing a special workforce equipped with the understanding of such technologies.

Finance minister Nirmala Sitharaman’s focus on acquiring skills around these technologies “which are valued highly both within and outside the country, and offer much higher remuneration” as said in the budget speech coincides with that need that would particularly boost young businesses who have been developing use cases around these technologies to acquire respective talent. 

“The government’s push to skill India’s youth in cognitive technologies will help startups source talent easily,” said Arijit Biswas, Co-founder, EnrichAI. “Government’s aim to train over 10 million in industry-relevant skills pertaining to these technology domains will address the severe skill shortage technology and IT companies are facing right now,” Nitin Chhabra, CEO, Ace Turtle.

Also read: Budget 2019: Nirmala Sitharaman’s sops for logistics industry to help India become $5 trillion economy

The demand for the number of roles in AI and big data in India stood at around 5.1 lakh in 2018 that is expected to grow at a CAGR of around 16 per cent to about 8 lakh to 2021, as per Nasscom. Moreover, as per Gartner, 30 per cent of technology jobs globally will be unfulfilled by 2020 due to lack of relevant talent in digital.

The government’s focus on these new-age technologies “can change India’s international stance in terms of innovation. It’s time to change India’s face from a SaaS provider to a tech-savvy product creator! Technologies like AI, AR, VR, 3D printing, etc are playing an instrumental role in connecting with the next generation,” said Vivek Goyal, Co-Founder, PlayShifu.

Nirmala Sitharaman in her budget speech also mentioned ‘consolidating’ the Scheme for Promotion of Innovation, Rural Industry, and Entrepreneurship’ (ASPIRE) for “setting up of Livelihood Business Incubators (LBIs) and Technology Business Incubators (TBIs) to develop 75,000 skilled entrepreneurs in agro-rural industry sectors.” Creation of these entrepreneurs would “lead to job creation,” according to Rahul Garg, Founder, Moglix. The government intends to set up 80 LBIs and 20 TBIs in 2019-20.

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