The Indian government has expressed its decision to develop the country’s digital economy, with special emphasis on Artificial Intelligence (AI). At the Union Budget, Nirmala Sitharaman, Indian Finance Minister, highlighted the importance of amplifying the vision of ‘Make AI in India and Make AI Work for India’.
“I believe AI will change the face of India and enable the country to establish a stronger foundation of a “Digital India”. For a country to maximise the benefits of AI, it will be essential for the public and private sectors to work together to ensure that the use of AI will align with the country’s values and priorities and to address the ethical, legal and social implications of AI,” Amit Relan, founder and CEO, mFilterIt, a software company, told FE Blockchain.
According to Sitharaman, three AI-based centres of excellence will be set up at top educational institutions of the country. The initiative is expected to involve leading industry players in interdisciplinary research, for creation of technologies to ensure betterment of sectors such as agriculture, health, and sustainable cities.
As stated by Chetan Rexwal, co-founder, Ekank Technologies, a storytelling technology platform, Budget 2023 intends to show the potential of Indian government towards technology and innovation. “The reduction of compliances will help startups to flourish more. I believe the Union Budget in the past has boosted the entrepreneurial spirit by taking a number of measures for start-ups and they have borne results,” he added.
Insights from the Economic Survey emphasised on the importance of digital technology-based economic reforms for technological progress at a socio-economic level. Moreover, the survey showed estimates that electronic exports between April-November, 2023, will reach a value worth $13.8 billion, in comparison to $8.9 billion for the same period last year. “The national AI portal has been developed with a view to strengthening the AI ecosystem in the country by pooling together and highlighting the latest developments happening in Central and State Governments, industry, academia, NGOs, and civil societies. As on 16 January 2023, it has published 1724 articles, 829 news items, 276 videos, 127 research reports, and 120 government initiatives, all related to AI,” the survey mentioned.
Mahin Gupta, founder, Liminal, a digital wallet infrastructure platform, is of the opinion that public digital infrastructure for the agriculture sector under an open-source standard will revolutionise the industry. “By harnessing the power of 5G, Web3.0, and metaverse technologies, GDP growth can be accelerated by a significant percentage,” Gupta noted.