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A valued approach to budget 2023

Finance Minister Nirmala Sitharaman, at the Union Budget 2023 parliamentary session, made noteworthy remarks about the efficient integration of artificial intelligence (AI) and technology in the Indian economy. Through the steps announced at the session, it is clear that technological advancement in India is a priority.

Creating three centers of excellence for AI is a significant first step. Business and technology leaders will collaborate at these centers to perform multidisciplinary research, develop technological applications, and offer solutions for technical problems. Prominent educational institutions will thus play a significant role in creating a knowledge-based economy through investments in technological innovation and the production of advanced digital assets. This will drive a top-notch AI ecosystem and foster strong talent in the industry. Moreover, it will enable India to preserve its position as a tech talent hub and move towards a global advantage in advanced technologies like AI.

Through the national data governance strategy, there are plans to make non-personal and anonymized data from public and commercial institutions available for study and innovation. This will foster collaboration among experts in the space to conduct multidisciplinary research and develop cutting-edge technologies – a forward-thinking move to encourage technology localization.

There is also an emphasis on youth advancement around upskilling and reskilling. Over the next three years, the Pradhan Mantri Kaushal Vikas Yojana 4.0 will train thousands of young people in skills, including on-the-job training, industry partnerships, and course alignment with market demands. Industry 4.0 new-era courses include coding, AI, robotics, mechatronics, 3D printing, the internet of things, and drones, alongside various soft skills that will be incorporated into the program.

This is a positive move for India in today’s fast-paced technological growth globally. It will provide resources for students and professionals to stretch their creativity, innovate and build solutions among some of the newest global technologies.

A robust and innovative ecosystem like this is essential for the IT sector to close the gap between current workforce talent and the creative and practical solutions driving more advanced technology. Since India leads the world in IT talent, it must make significant strides in the field of artificial intelligence (AI) to keep up with its peers. The best IT minds formulate numerous quality products in the country that fail to garner traction due to a lack of awareness, support, and resources. If we properly deploy AI in the future, with its people and numerous opportunities, India will continue to lead in top tech talent and emerge as an innovation hub.



Views expressed above are the author’s own.


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