Anticipated AI Budget for 2024
The upcoming Interim Budget 2024, scheduled to be revealed by Finance Minister Nirmala Sitharaman today at 11 am, is anticipated to include various measures concerning artificial intelligence (AI) and other emerging technologies. With the nation preparing for the 2024 budget, the technology industry is filled with anticipation. Prominent figures in the AI, semiconductors, and edtech sectors have expressed their hopes and suggestions for the government’s fiscal strategies.
NITI Aayog has advocated a forward-looking strategy and proposed the establishment of Centers of Excellence (CoE) to strengthen AI development and promote application-based research. In the last five years, AI has not only penetrated several sectors, but has become a recurring focus in the Union Budget, the country’s key financial document. The Union Budget 2023–24 articulated Finance Minister Nirmala Sitharaman’s vision of “Artificial Intelligence in India and Artificial Intelligence to Work in India”, demonstrating a commitment to harnessing the potential of AI in technological development.
Although the Indian government has actively promoted AI and is positioning the country as an AI and analytics powerhouse, there are still challenges to the widespread adoption of AI solutions. These challenges require a strategic approach, leading industry stakeholders to look forward to stronger policies and measures in the upcoming Union Budget 2024-2025.
Versatile AI implementation
Last year’s Union Budget focused on boosting the adoption of artificial intelligence in critical sectors such as agriculture, healthcare and sustainable cities. Industry stakeholders are now calling for its expansion into new areas, such as telecommunications, where AI-based voice agents have proven transformative, improving efficiency and user experience.
Tax support for improving the professional skills of artificial intelligence and integrating it into education
The industry report highlights the need to upskill 1.62 million workers in AI and automation to address India’s current skills gap. The technology sector alone has the potential to create 4.7 million new jobs, making it possible to upskill the current 4.6 million IT professionals by 2027. The need for integration in accordance with the National Education Policy (NEP) 2020 is increasing. Artificial intelligence, AR, VR, Metaverse and other technologies for the education sector, Financial Express reports.
An Ethical AI Regulatory Framework
Artificial intelligence promises to revolutionize the development of technology, but the possibility of disrupting established norms requires proactive legislation. The Union Budget should champion a strategy of “state control” of AI regulation, emphasizing government involvement in development and deployment to ensure ethical use and align technology development with national strategic goals.
Promoting AI startup funding
Funding for India’s tech startup ecosystem slowed in 2023, down 72 percent from 2022. To revitalize the AI startup landscape, the budget should prioritize ease of investment that catalyzes a strong funding scenario to revive entrepreneurial spirit, foster innovation and innovation. to strengthen India’s position in the global AI arena.
